Fintech Revolut could launch digital banking services in Singapore in October

LONDON-BASED fintech Revolut has quietly onboarded some 15,000 people in Singapore onto its digital banking app - currently in beta - suggesting that the official launch of its banking services could be as soon as October.

BT understands that some interested users who signed up to be on Revolut's waiting list have since been granted access to the app, which operates as a multi-currency e-wallet. That is, users can spend and transfer money abroad at the interbank exchange rate via an FX-linked debit card, similar to another London-based fintech, TransferWise, and homegrown startup YouTrip.

Other features include something called the "Vault", which allows users to set money aside towards financial goals. The app also allows customers to set a monthly budget and track their progress.

Revolut earlier said it will be making a beta launch in Singapore in February this year, but had since delayed its launch to gain a deeper understanding of the Singapore market, BT understands. Dubbed a "challenger bank", the startup looks to gain ground over incumbent financial players here and in the region, with Singapore as its Asia-Pacific headquarters.

That being said, the current services being rolled by Revolut is not the full suite of services offered to its customers in Europe. These include cash withdrawals in foreign currencies, a cryptocurrency exchange and peer-to-peer payments.

Revolut was launched in July 2015 by former Credit Suisse and Deutsche Bank investment bankers, Nik Storonsky and Vlad Yatsenko, as a digital alternative to big banks.