Startups
Revolut is ready to launch in Singapore and Japan
Fintech startup Revolut has been teasing Asian market expansions for more than a year, but it sounds like it might finally happen. The company has secured licenses to operate in Singapore and Japan. It now expects to launch its service in Q1 2019.
In Singapore, the company was granted a Remittance License by the Monetary Authority and a Stored Value Facility approval — these two things combined let Revolut users hold money as well as send and spend money. In Japan, the company has been authorized to operate by Japan’s Finance Service Agency.
According to Revolut, those approvals are enough to launch the service in those countries. But not all features will make their way to Singapore and Japan. Regulation varies from one country to another, so the company might not be able to provide the same limits and feature set everywhere.
At launch, Revolut will focus on the electronic wallet and the payment card. You won’t be able to buy cryptocurrencies, create business accounts and more. Limits should be more or less the same in local currency equivalent.
In Japan, Revolut says that it has already signed deals with Rakuten, Sompo Japan Insurance (SJNK) and Toppan. It sounds like there will be new insurance products, special card designs and more.
Revolut plans to open its APAC office in Singapore. Let’s see if Revolut ends up convincing expats to sign up or if they can have a real impact outside of Europe.
And if you’re a potential user in the U.S. or Canada, you’ll have to wait a bit more. Revolut says that there will be more news in the coming weeks.
-
Entertainment7 days ago
This nova is on the verge of exploding. You could see it any day now.
-
Business7 days ago
India’s election overshadowed by the rise of online misinformation
-
Business6 days ago
This camera trades pictures for AI poetry
-
Business5 days ago
TikTok Shop expands its secondhand luxury fashion offering to the UK
-
Business6 days ago
Boston Dynamics unveils a new robot, controversy over MKBHD, and layoffs at Tesla
-
Business5 days ago
Mood.camera is an iOS app that feels like using a retro analog camera
-
Entertainment7 days ago
Earth will look wildly different in millions of years. Take a look.
-
Business4 days ago
UnitedHealth says Change hackers stole health data on ‘substantial proportion of people in America’