Revolut gets remittance licence

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Revolut gets remittance licence

Revolut gets remittance licence from Singapore and Japan

  • Revolut is a digital banking alternative that includes a pre-paid debit card, currency exchange, cryptocurrency exchange and peer-to-peer payments (P2P)
  • The firm gets a remittance licence by the Monetary Authority of Singapore (MAS), as well as stored value facility approval, which will allow it to operate in the country
  • The firm is also working with the regulator to shape the upcoming Payment Services Bill
  • In Japan, Revolut authorized by the Financial Services Agency of Japan (JFSA) under the fund transfer licence to operate throughout the country
  • Nik Storonsky, Revolut CEO and founder, says: “We’ve been working closely with the Singapore regulator to shape the future regulatory environment of the country They believe and trust in our business model and vision, and would like to see our European success replicated in Singapore and across Asia Pacific”