British challenger bank Revolut receives green light to expand to Singapore and Japan

It will launch in APAC in Q1 2019.

CNBC reports that British mobile bank Revolut has secured the necessary licenses to operate in Japan and Singapore as it gears for an Asia Pacific expansion.

Revolut, which offers prepaid debit card, current account, cryptocurrency trading and free unlimited foreign exchange services, said that it acquired a remittance license from the Monetary Authority of Singapore and full authorisation from Japan's Financial Services Agency. 

The fintech firm is planning to launch its platform in APAC in Q1 2019 and is considering Singapore as its APAC headquarters, with plans to eventually release the app in Australia, New Zealand, Canada and the US.

“We have confidence that Revolut will continue to be a driving force as we expand globally, developing a range of exciting new services for increasingly connected consumers in APAC,” Revolut Chief Executive Nikolay Storonsky said in a statement.

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