Revolut bags CMS licence from MAS; to roll out stock trading feature in H1 2022

LONDON-BASED Revolut has obtained a capital markets services (CMS) licence from the Monetary Authority of Singapore (MAS) and is looking to implement its stock trading feature in the first half of 2022.

The feature allows customers to buy fractional shares in US-listed companies, with no account minimum needed to invest, the fintech unicorn said in a press statement on Monday (Dec 6).

Subscribers have access to commission-free trades, which otherwise cost US$1 per trade. Accounts at the lowest tier, known as Standard, are free to create and entitle subscribers 3 commission-free trades per month. Metal, the highest tier, gives users access to unlimited commission-free trades per month.

The service rivals online brokerages such as TD Ameritrade, which charges no minimum fee and takes no commission; as well as Tiger Brokers, which charges a US$1.99 minimum fee and US$0.01 per share for US-listed stocks.

James Shanahan, Revolut's chief executive said: "We also see this licence as enabling the next phase in our ambition to roll out global products using Singapore as our hub."

Besides trading, the company is looking to bring commodities and cryptocurrencies to customers in the Republic, subject to relevant approvals or licences.

Revolut, which launched in Singapore in October 2019, is better known for its instant crossborder money transfers, where it charges only a small fraction of what banks charge.

The company submitted a formal application to MAS to vary its Major Payment Institution licence to include the business of providing a digital payment token service.

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