Revolut, a fintech startup, has received the authorisation from the regulators in Singapore and Japan. It will be operating under a licence that is similar to its business in the United Kingdom through partnerships with some local banks.
The digital banking app is expecting to launch in the Asia Pacific region in the first quarter of the coming year, with more than 50,000 users already included on its waiting list.
The company disclosed that it has been granted a remittance licence by the Monetary Authority of Singapore (MAS), as well as stored value facility approval, which will enable it to operate in the country.
The news was released as Revolut has been aggressively expanding throughout the year, both in terms of its geographical reach and its products.
Meanwhile, in Japan, Revolut has been authorised by the Financial Services Agency of Japan (JFSA) under the fund transfer licence to operate throughout the nation.
A spokesperson for Revolut said that its services would be going live in Singapore and Japan ahead of a long-promised launch in the United States of America, which was originally scheduled to happen earlier this year.
However, the price of doing business in the United States comes at a high cost, particularly when launching elsewhere at the same time. Last April, the startup was able to raise $250 million (£195.2 million) from a range of investors to fuel such expansion, and some sources disclosed earlier this month that Revolut is in negotiations to raise an additional $500 million from Softbank, a Japanese mega-investor, in a deal that is set to close early next year.
Last Thursday, Nikolay Storonsky, chief executive and co-founder of Revolut stated: “We’ve been working closely with the Singapore regulator to shape the future regulatory environment of the country.”
He added: “We’re confident that we’ll disrupt the way banks traditionally function across [the Asian Pacific region] through our use of technology and innovation.”