revolut, blockchain / crypto, fintech, news, singapore

Revolut, the United Kingdom-based financial superapp, on Thursday launched a new cryptocurrency service in Singapore, enabling customers to securely buy, hold and sell cryptocurrencies with the tap of a button.

Revolut is providing all customers in Singapore with more than 80 tokens available via its app, Revolut said in a statement.

As part of its goal to be one of the best places to trade and learn about crypto, Revolut also plans to launch educational courses on cryptocurrency for customers in Singapore in the coming months to advance financial literacy.

Revolut believes in widening access to crypto and also recognises that it may not be appropriate for everyone, so the company encourages customers to research the various cryptocurrencies and evaluate the risks and opportunities before buying or selling.

According to the statement, Revolut cryptocurrency service in Singapore does not apply any hidden fees and applies a 2.5 percent transaction fee for standard customers and a 1.5 percent transaction fee for premium and metal customers.

The exchange process enables customers to convert any 27 fiat currencies or gold(XAU) and silver(XAG) into cryptocurrencies in one easy step, with no foreign exchange fees for transactions within the monthly exchange limit1 for each plan.

Meanwhile, there are several ways to buy and sell crypto on Revolut, and customers can set up a stop or limit order so they don’t have to time the market, or use the recurring buy feature to average out volatility. Customers can also round up any spare change in a cryptocurrency of their choice.

Deepak Khanna, Head of Wealth and Trading Revolut Singapore, said the service makes cryptocurrencies more accessible in Singapore.

“We’re very excited to bring cryptocurrency services to our customers in Singapore in a responsible manner. We plan to provide educational features in the coming months to help customers better understand the trends and risks associated with cryptocurrency. We believe the regulatory strengths in Singapore and proactive industry engagement are key to serving clients with the highest standards,” he said.

Emil Urmanshin, Crypto General Manager at Revolut, said the service has a lot of advantages.

“Trying to navigate your way around traditional exchanges can be incredibly complex, and this process can often exclude people from getting access to cryptocurrency. With Revolut, customers can easily exchange fiat currencies to their choice of cryptocurrencies with the tap of a button,” he said.

Revolut is committed to establishing Singapore as one of the cornerstones of its global business and plans to establish several global product hubs from here. The customer base in Singapore has grown six-fold since the onset of the COVID-19 pandemic, and its revenue run rate has more than doubled in the past 12 months.

Revolut is the world’s global financial superapp, with over 20 million customers around the world use dozens of its innovative products to make more than 250 million transactions a month. In 2015, it launched in the United Kingdom offering money transfer and exchange.

In Singapore, Revolut Technologies Singapore Pte. Ltd. (RTS) holds a major payment institution (MPI) license since October 2020 and offers account issuance services, domestic and cross-border money transfer services and e-money issuance services, which are regulated activities. RTS also offers a precious metals product which is not regulated under the Payment Services Act.

Revolut Securities Singapore Pte. Ltd. (RSS) holds a capital markets services (CMS) license since November 2021 and intends to offer its stock trading product, commencing in 2022.

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