By
Steve Muchoki
March 12th, 2024
Alternative banking provider Revolut is ready to serve numerous Asian customers with a compliant financial assistance, as the company expands to Japan and Singapore.
The faster technological revolution unfolds, the more vividly banks and financial institutions feel the threat posed by a crypto-replacement of fiat money and tangible assets. Today they have to embrace rapidly changing blockchain environment in order to survive and save their competitive edge in the industry.
Seamless cross-border remittance corridors together with an immutable digital ledger made cryptocurrencies as well as the robust blockchain technology behind them a number one alternative for traditional banking services.
Unlike payments made in dollars or euros that usually are executed for a couple of weeks, millions of cryptos can be transferred internationally in just a matter of seconds and for a much lower price tag.
Nowadays it is profitable to pay with cryptos, therefore financial institutions are forced to expand their horizons otherwise, they are going to lose clientele. However, while the world’s most reputable banking giants still doubt to tip their toes in cryptos, newly born fintech startups firmly take over the initiative.
Revolut’s Golden Ticket
London-based financial service Revolut is a good example of a paying back initiative. As previously reported by Coinspeaker, the startup has managed to reach $1.7 billion valuations following the integration of cryptocurrency trading to its platform.
In addition to Coinbase, Revolut is the only fintech company in entire Europe that allows its users to spend, store, send, and receive payments from both – cryptocurrency accounts and bank accounts.
For Revolut an additional the support for cryptocurrencies became a golden ticket as the company has managed to raise over $250 million from notable investors including early Facebook investor DST Global and Dropbox backer Index Ventures.
APAC Coverage
Initially, the company was planning to spend collected money rolling out business in the U.S. Nevertheless, later Revolut has shifted its focus on the Asia-Pacific. In the official statement made on Thuesday, Revolut said that it intends to launch its platform in the region in the first quarter of 2019
Reportedly the fintech company has already received legal approvals from both Singaporean and Japanese financial authorities, operating under a licence similar to its UK business through partnerships with local banks.
In Singapore, Revolut was granted a Remittance License by the Monetary Authority and a Stored Value Facility approval — these two things combined let the Revolut users hold money as well as send and spend money. In Japan, the company has been authorized to operate by Japan’s Finance Service Agency.
Yet it became known that not every feature available for European customers will be allowed at Singaporean and Japanese versions of Revolut service. At launch, Revolut will focus on the electronic wallet and the payment card, but the users won’t be able to buy cryptocurrencies and create business accounts until all of the regulatory issues will be settled.
Major in payment cards is quite evident, considering the recent launch of Revolut VIP Metal Card with cashback in cryptocurrency. So far more than 50,000 people in the APAC region have signed up to a waiting list to create an account with Revolut that is a promising start.
Further Revolut is looking to eventually release its app in the U.S., Canada, Australia and New Zealand.