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.