UK fintech Revolut rolls out services to Singapore public
Singapore
FOLLOWING a beta launch in Singapore earlier this year that amassed more than 30,000 customers, digital payments unicorn Revolut officially rolled out its services to the public today.
The UK-based firm joins a growing number of fintech players wrestling for a share of the region's cross-border payments market, having cemented its presence in Singapore just two weeks after its UK rival TransferWise.
Revolut's app functions as a multicurrency e-wallet - individuals can hold and exchange 14 currencies at the interbank "Google" exchange rate, send and receive money from Revolut users for free, as well as spend in over 150 currencies using a FX-linked Visa debit card.
The 14 currencies in the app include the Singapore dollar, British pound, euro and the US dollar.
In the coming months, Revolut plans to double its suite of currencies, which will include the Malaysian ringgit, Philippine peso and the Indian rupee, the firm said in a press statement on Thursday.
While there are no conversion fees for most major currencies on weekdays, an additional 0.5 to 1 per cent mark-up is applied to all currencies exchanged over the weekend. This is to hedge against currency fluctuations that might occur when markets are closed, said Revolut.
In a bid to "tear down financial borders", Revolut users in Singapore will also be able to send and receive money instantly and for free from users in the UK, Europe and Australia.
"The average Singapore resident travels about seven times a year, and at the same time, they are transferring up to US$7 billion overseas," said Eddie Lee, Revolut's head of operations for Asia-Pacific.
He noted that most Singaporeans are generally unaware that their existing providers are "charging them as much as 5 per cent in fees".
Revolut offers three tiers of membership: standard (free), premium (S$9.99 per month) and metal (S$19.99 per month).
Users on the standard plan can exchange currencies without conversion fees - capped at S$9,000 per month - and withdraw up to S$350 per month from ATMs worldwide for free. Premium and metal users have free unlimited currency exchange and higher caps on free ATM cash withdrawals at S$700 and S$1,050 per month respectively.
Other services on the app include the "Vault" function, where users can choose to round up card payments to the nearest dollar and stash their spare change, set up a recurring payment or make one-off contributions to reach their financial goals.
The Revolut account is currently available for individuals only, though the firm said it will extend its offerings to businesses in the future.
Revolut was launched in July 2015 by investment bankers Nik Storonsky, formerly at Credit Suisse, and Vlad Yatsenko, who used to work at Deutsche Bank, as a digital alternative to big banks.
The firm set up its Asia-Pacific headquarters in Singapore last year, which now employs 20 people. It plans to triple its Singapore staff size in the months ahead and expand into the US and Canada by the end of the year.
