Revolut bows out of Singapore digibank race: CEO

HIGH-profile payments fintech Revolut has bowed out of the race for a digital banking licence in Singapore over high capital requirements, its top executive told The Business Times.

"Based on our initial analysis, it does not make sense to have a banking licence here because of the capital requirements," said Revolut chief executive Nikolay Storonsky at the sidelines of the Singapore FinTech Festival and Singapore Week of Innovation and TeCHnology (SFF x SWITCH) conference.

This comes even as the UK-based fintech has been in talks with "almost every single company" in Singapore that has considered applying for a digital banking licence, a Revolut spokesperson further told BT.