Revolut has launched its digital banking services in Singapore as part of plans to make the city state its Asia-Pacific hub.

The London-based FinTech, which has stepped up its global expansion strategy with a US launch planned in the coming months, said the official launch in Singapore followed successful beta testing.

Singapore residents can spend and transfer money overseas at the real exchange rate, and hold and exchange 14 currencies in the app.

Revolut said it has already on-boarded 30,000 customers for its foreign exchange card, cross-border payments and digital account services.

The company also announced plans to hire more than 60 people over the next six months in the Singapore hub, to support the Asia-wide rollout.

Revolut customers in the UK, Europe, Singapore and Australia are now able to send and request money from each other. The free, instant payments service will extend to the United States and Canada by the end of the year, with Japan launching in early 2020.

Revolut said it would launch an additional 14 currencies in the coming months, including Indian Rupees, Philippine Pesos and Malaysia Ringgit.

Eddie Lee, head of operations for Asia-Pacific, said: “The average Singapore resident travels about seven times a year, and at the same time, they are transferring up to $7 billion overseas.

“For the most part, these are ordinary, hard working people who are unaware that their existing providers are charging them as much as five per cent in fees.”

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