British fintech company Revolut has launched a cryptocurrency service in Singapore, allowing customers to buy, hold and sell 80 tokens via its app.
The platform applies a 2.5% transaction fee for its Standard customers, while a 1.5% transaction fee is applied to its Premium and Metal customers — with no additional hidden fees.
The exchange process enables its customers to convert any 27 fiat currencies or gold and silver into cryptocurrencies with no foreign exchange fees for transactions within the monthly exchange limit for each plan.
Revolut Singapore head of wealth and trading Deepak Khanna says the company plans 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,” says Khanna.
Acknowledging that crypto may not be appropriate for everyone, Revolut says it encourages customers to research various cryptocurrencies and evaluate the risks and opportunities before buying or selling.
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Revolut plans to establish several global product hubs from Singapore. Its customer base in Singapore has grown 6-fold since the onset of the Covid-19 pandemic while its revenue run rate has more than doubled in the past 12 months.
In Singapore, Revolut Technologies Singapore holds a Major Payment Institution license from October 2020 and offers account issuance services, domestic and cross-border money transfer services and e-money issuance services, which are regulated activities. It also offers a precious metals product which is not regulated under the Payment Services Act.
Meanwhile, Revolut Securities Singapore holds a Capital Markets Services license since November 2021 and intends to offer its stock trading product, commencing in 2022.
