Fintech Unicorn Revolut’s Singapore Launch
Singapore is one of the fastest growing economies in Asia, and for this reason, it has been attracting a lot of foreign investment. This is one of the main reasons why the country is on Revolut’s radar, which it plans to use as a gateway to the European market.
What is Revolut?
Revolut is a UK-based FinTech company that is currently one of the major disruptors in the banking industry. It was founded in 2015 by two investment bankers named Vlad Yatsenko, and Nik Storonsky. The company has a mobile app through which it offers a variety of banking services. It aims to provide a suitable and workable alternative to traditional banking services that operate in the physical space. This has earned the company the title tech superstar.
Revolut’s target audience is tech-savvy users, and it rides on the wave of digital and mobile technology to achieve its goals. Below are some of the services that it offers.
- Vaults where users can save and manage money.
- Overseas medical insurance and mobile phone insurance.
- A digital currency exchange where users can convert their currency into a variety of cryptocurrencies including Litecoin, Bitcoin, Ripple, Bitcoin Cash and Ethereum among others.
- Cross-border money transfer in 124 countries.
Revolut wants to make the world its playground
Revolut currently boasts more than 4 million users in Europe. Its massive success and the penetration of digital devices in the international market has encouraged the company to pursue a global presence.
Countries where Revolut is available
So far Revolut is available in more than 24 countries. Below are the countries where it is available:
Australia, Switzerland, the United Kingdom, Sweden, Spain, Slovenia, Slovakia, Romania, Portugal, Poland, Norway, Netherlands, Malta, Luxembourg, Lithuania, Liechtenstein, Latvia, Italy, Ireland, Hungary, Greece, Germany, France, Finland, Estonia, Denmark, Czech Republic, Republic of Cyprus, Croatia, Bulgaria, Belgium and Austria.
The company is determined to make its services available on a global scale so that more people can enjoy the benefits.
- Payments – Revolut makes payments on its platform as easy as payments using traditional payment platforms such as PayPal. It has the option of sending money to people by tapping in their phone numbers. It even allows users to send money to other people even if they do not know the phone number.
One of the most interesting features on the app is that it allows bill splitting by sending requests to the person with whom the user wants to split a bill. Users can also receive money from people who do not use the app. The app allows the user to send a payment request through a link which non-users can use to enter their bank card details, therefore allowing the payment to be made.
- Security– Revolut uses a high level of security for its platform and even lets users control their security. For example, users have the option of freezing and unfreezing their Revolut card through their Resolut app if the card is stolen or lost. They can also turn off contactless payment, online payment, and even ATM use through the app if they wish to do so.
As far as the security of funds, Revolut has teamed up with Tier 1 banks which act as the custodian for the finances. The finances are held in ring-fenced accounts that are then linked to the Revolut app.
- Customer support- Revolut offers impressive customer support. The support team can be reached via the customer support chat section on the mobile app or the web version of the platform.
The pros of the Revolut platform
- Customers are provided with a physical card.
- The app features a user-friendly interface.
- 24-hour customer care services.
- It allows the purchase of cryptocurrencies.
- It helps travellers to avoid hefty exchange rates.
- It allows the user to hold up to 24 currencies.
The cons of the Revolut service
- It does not have any physical bank branches where one can go to have an issue sorted out.
- It allows free cash withdrawals but has a £200 monthly limit.
- Currency exchange attracts higher fees at 0.5% for amounts higher than £5000.
- The platform charges a higher fee at 0.5% and a currency exchange rate at 1% during the weekends and when the markets are closed
Revolut’s launch in Singapore
Revolut announced a while back that it was eyeing up Singapore as the next country where it plans to roll out its services. This is an excellent opportunity for the city-state because Revolut will also provide job opportunities as well as tech talent to the country.
Revolut released a statement about its Singapore plans stating that the country is an ideal next step because it is technologically advanced. It also has a regulatory framework that is FinTech-friendly and a highly skilled workforce.
The FinTech company also revealed that it plans to work with Singapore’s education bodies to facilitate staff training so that they can meet the company’s global needs. Revolut pointed out that its services are heavily reliant on disciplines such as data science, machine learning, artificial intelligence and user interface design.
Revolut has employed Eddie Lee, a former UberEats executive, to be at the helm of its Asia Pacific office in Singapore. Lee’s role will be to lead the company’s expansion plans in the region. This also means that the company will launch its services in other neighbouring countries shortly. Lee was the head of Uber Eats’ strategy team for the Asia Pacific region, so he has the skills necessary for his new role at Revolut.
The Singapore launch will feature beta versions of the company’s credit card. Revolut’s rollout in the country has been delayed due to measures to fine-tune its products to suit the Singapore market. Meanwhile, the launch will be a big one for the company not only because Singapore will be its gateway into the greater Asia Pacific region but also because it highlights the launch of its global expansion efforts.