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Financial regulators in Japan and Singapore give go-ahead to UK-based fintech Revolut and its attempt to expand in Asia-Pacific
According to Revolut, a mobile bank that provides prepaid debit cards and current accounts as well as foreign exchange and cyrpto services, a remittance license has been granted by the Monetary Authority (Singapore) and a full authorization issued by the Financial Services. Japan Agency (JFSA).
It plans to launch its Asian offerings before the end of the first quarter of 2019 and plans to make Singapore its regional headquarters.
"We are confident that Revolut will continue to play a leading role as we expand globally, developing a range of exciting new services for increasingly connected consumers in APAC," said Nikolay Storonsky, Managing Director of APAC. Revolut. "It's a huge market and we are already seeing an incredible number of people claiming our product."
Revolut says more than 50,000 people in the area have signed up for a waiting list for an account.
In addition to obtaining a business license, Revolut says it is working with the Singapore central bank to develop a new payments regulation. In Japan, Revolut has partnered with a number of local operators, including the Rakuten e-commerce company, Sompo property insurer and Toppan printing.
Since its launch in 2015, Revolut has developed a customer base of more than 3 million people, while investors have provided funding of more than $ 330 million, representing a valuation of approximately $ 1.7 billion. dollars.
It has also been reported that Revolut was in discussion with the Japanese technology investor SoftBank about a new fundraiser that could yield up to $ 500 million and fund a new international expansion to the states. United States, Canada, Australia and New Zealand. .
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