Eight months after launching stock trading for Singapore users, neobank Revolut has unveiled an in-app educational module in a bid to advance financial literacy among its users.
The lessons cover stock market basics, such as ownership, risks and the different market players. Each lesson will also end in a short quiz, which will test users’ understanding, says Revolut in an Oct 4 announcement.
Users can also read articles by research and investment professionals, adds the London-headquartered fintech company.
Revolut launched similar courses for cryptocurrency in June 2022. Since then, over 3.8 million customers across Singapore, Australia, the UK and the European Economic Area have completed at least one lesson.
Revolut first launched stock trading in 2019 for European customers and later expanded to Australia, the US and Singapore. Users can trade stocks and ETFs listed on Nasdaq and the New York Stock Exchange (NYSE) through the Revolut app, and the company charges a commission of 99 US cents ($1.36) per order.
Over the coming weeks, Revolut Singapore will roll out a “recurring buy” feature for stocks and ETF trading. With fractional trading already available, Revolut says users can use the “recurring buy” feature to set automatic purchases.
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Revolut plans to expand its trading services to include stocks listed on European and Asian stock exchanges in the future, says Deepak Khanna, head of wealth and trading at Revolut Singapore.
“We made the strategic decision to launch the US market access first,” says Khanna to The Edge Singapore. “This will allow investors to take advantage of its large market size, high liquidity, diverse investment options and the ability to invest in fractional shares.”
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Khanna joined Revolut in December 2022 from HSBC, where he was head of wealth products and journeys.
“The Singapore market is attractive to us due to its solid corporate profiles, consistent dividend history and real estate sector prospects,” says Khanna. “We plan to expand our offering to include Singapore exchanges and other Asian bourses in the future, as well as add more investment products to our platform.”
Founded in 2015, Revolut claims to serve more than 30 million customers worldwide. Revolut expanded into Singapore in 2019 and has since been awarded a Major Payments Institution licence and Capital Markets Services licence by the Monetary Authority of Singapore. In 2022, it was granted in-principle approval to offer cryptocurrency-related services under the Payment Services Act.
Revolut’s founding product, its multi-currency debit card, allows users to make transactions in over 150 currencies. Users can also exchange and hold 33 currencies in their wallet and set price alerts for foreign exchange rates.
Photos: Revolut
