The Fintech Revolut start-up has teased the expansions of the Asian market for over a year, but it seems like it could finally happen. The company has obtained licenses to operate in Singapore and Japan. It is now planning to launch its service in the first quarter of 2019.
In Singapore, the monetary authority and Stored Value License granted the company a remittance license. These two elements combined allowed Revolut users hold money, send and spend money. In Japan, the company has been authorized to operate by the Japan Finance Service Agency.
According to Revolut, these approvals are sufficient to launch service in these countries. But not all features will travel to Singapore and Japan. The regulations vary from one country to another, so the company might not be able to provide the same limits and the same functionality everywhere.
At launch, Revolut will focus on the e-wallet and the payment card. You will not be able to buy cryptocurrency, create corporate accounts, and more. The limits must be more or less the same in local currency equivalent.
In Japan, Revolut announced that it has already signed agreements with Rakuten, Sompo Japan Insurance (SJNK) and Toppan. It looks 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 will eventually convince expats to register or if they can have a real impact outside of Europe.
And if you are a potential user in the United States or Canada, you will have to wait a little longer. Revolut says that there will be more news in the coming weeks.