UK challenger bank Revolut set for beta launch in Singapore

It raised concern about the difficulties in obtaining foreign tech talent visas in the UK.

London-based challenger bank Revolut is poised for a beta launch in Singapore over the coming weeks in line with the startup’s goal to expand into Asia amidst the uncertainty caused by Brexit. 

Also read: 3 in 5 Singaporeans believe fintechs are as trustworthy as banks: survey

In a statement, the fintech flagged the lack of progress on the part of the British government to fast-track visas for tech talent to explain the Asian pivot. 

“The UK fintech sector is greatly reliant on foreign talent, and Revolut is no different. If London still wants to retain its position as the go-to location for tech on the continent, the government has to ensure that specialist and tech visas are fast-tracked and don't become difficult to obtain,” Revolut said. 

Launched in 2015 by veteran bankers, the startup offers spending overviews, budget and savings features through its app with the goal of being ‘a digital banking alternative.’