Revolut, a British financial technology company that offers banking services has launched a crypto trading service in Singapore as it looks to expand its business prospects both as a fintech firm and in the digital currency ecosystem.
As reported by the Business Times of Singapore, the newly launched service will enable Revolut’s customers in the country to buy, hold and sell over 80 tokens through its app.
The Singaporean cryptocurrency ecosystem is a very fertile one but masked by intense regulatory scrutiny from the Monetary Authority of Singapore (MAS) which licenses firms that wish to offer services in the region. With its defined and stretched-out regulatory approval process, Singapore generally has fewer crypto service providers operating within its shores.
The launch of the crypto trading service in Singapore by Revolut comes months after the London-based fintech firm received the in-principle approval from the Monetary Authority of Singapore to provide digital payment token services under the Major Payment Institution license.
“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,” said Deepak Khanna, head of wealth and trading at Revolut Singapore.
While the offering will see users convert as many as 27 different foreign currencies into crypto with no foreign exchange fees, it said it will charge a small commission which is dependent on the Tier level. Users in the standard tier are charged 2.5% per transaction while those in the premium or metal tiers will be required to pay 1.5% on each transaction.
Fintech Firms and Crypto Embrace
The move by Revolut to integrate crypto payments is not the first of its kind move in the fintech ecosystem as payment giants like Paypal and Mastercard pioneered this move a few years ago.
While Mastercard offers no financial services other than payments, Paypal’s crypto division is extensive and it has even expanded from the United States to other notable jurisdictions. Other outfits that have also helped expand the fintech presence in the digital currency ecosystem include Nubank and SoFi, both of which offers robust crypto trading units.