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The UK financial services company Revolut has completed the licensing process in Japan and Singapore, the first countries outside Europe, where it plans to launch a real business in the first quarter of next year.
According to the company's announcement, the Singapore Monetary Authority has provided the company with a discount license and a "stored value facility license" required for the operations.
Singapore
The Japan Financial Services Agency (JFSA) has issued a license for transfer of funds and a license to operate throughout the country. That's the point
starter, "to date, only a few international companies have succeeded."
Licensing is one of the last steps before launching into new markets scheduled for 2019 in the first quarter. Central Headquarters for Central Asia will be established in Singapore. It is expected that there will be approximately 10 to 15 representatives.
"The possibility of upsetting financial markets in the Asia-Pacific region is particularly attractive because of the persistent dissatisfaction of local customers with the high taxes paid by the country's major commercial banks," said Nicholas Storonsky, the company's investment bank. 39, one of the founders and CEOs of Revolut, in a preliminary report.
He says that Asians pay "one of the largest taxes in the world when it comes to cross-border transfers or billing abroad".
"Therefore, we are certain that the proposal" Revolut "will quickly become popular in this country," said Mr. Storonskis
Startail estimates that more than 50,000 people are on waiting lists in Asia-Pacific. In total, Revolut's services are used by 3.2 million. the users.
In Japan, Revolut will work with Rakuten, Sompo Japan Insurance and Toppan.
After the Japan-Singapore expansion, there will be the United States and Canada, says Revolut.
The starter no longer abandons licenses in Lithuania, where a bank license is required. As before, Revolut is waiting for a banking license before the end of the year.
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