Revolut has been granted a Remittance License by the Monetary Authority of Singapore (MAS), as well as Stored Value Facility approval, which will allow the digital-only bank to operate in Singapore.

The London-based FinTech is also working with Singapore’s financial regulator to shape the upcoming Payment Service Bill.

Meanwhile, in Japan, Revolut has been fully authorised by the Japanese Financial Services Agency (JFSA) under the Fund Transfer License to operate throughout the country.

Revolut also confirmed that it is in the final stages of testing and will be launching in the Asia Pacific (APAC) region in the first quarter of 2019, with further news on planned US and Canada launches expected in the coming weeks.

The APAC headquarters will most likely be based in Singapore, with a number of key personnel responsible for business development, public relations and compliance already hired in the region.

Revolut has plans to hire an operations manager for further Singapore expansion in the coming months. In Japan, the bank has already secured partnerships with Rakuten, Sompo Japan Insurance (SJNK) and Toppan, with a local team recently established to strengthen its compliance and operational capabilities.

Chief executive and founder Nik Storonsky said these partnerships underline support in Japan “and we’re confident that we’ll disrupt the way banks traditionally function across APAC through our use of technology and innovation”.

A statement from the firm noted that there are long-running customer frustrations in the region with high fees levied by major retail banks for current accounts and money transfers abroad.

It also cited a recent report from Oracle, which found 70 per cent of Singaporeans are open to digital banking alternatives - ahead of the global average of 67 per cent. Japan has been slower to adopt to such alternatives, with only 50 per cent open to switching, an area that Revolut feels is changing rapidly.

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