There had been the lot of rumors in regards to Fintech startup Revolut. Every now and then there would be news about the company coming up for expansion in Asia. But nothing fruitful came up as such. However, now it appears that Company has got the license to work in Singapore and Japan. So, one can expect that the services of the company would start in the first half of 2019.
In Japan, the company can operate through Japan’s Finance Service Agency. For Singapore, the company has been granted the stored value facility permission. So, with these permissions, Revolut can easily start operating in these two countries. In the start, there would be two major services the company will look into and that is the payment card as well as the electronic wallet. For Japan, there seems to be custom card designs and also some concentration on products as related to insurance.
Currently, this digital alternative to banking has a range of financial services and the users can go ahead with app-based current accounts, international transfers, domestic transfers, physical prepaid cards and so on. The users across Europe are also allowed to deal in cryptocurrency through this platform. However, these facilities are not yet available for Asian markets. This is because there are many regulatory issues that would turn up. The features will differ for Japan as well as for Singapore as these two are different countries and the regulations differ within them as well.
Those Asians who would like to join Revolut should use the pre-register facility as available. In Singapore, there are already many users who are keen to join in. However, there would be several updates on this soon and so watch out for this space. Asian being a big market, Revolut would surely benefit with its operations here.