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Revolut is ready to launch in Singapore and Japan – TechCrunch

Fintech startup Revolut has been teasing the Asian market expansion for more than a year, but it sounds like it might finally happen. The company has secured licenses to operate in Singapore and Japan. It now expects to launch its service in Q1 2019.

In Singapore, the company was granted a Remittance License by the Monetary Authority and a Stored Value Facility approval – these two combined items let Revolut users hold money as well as send and spend money. In Japan, the company has been authorized to operate by Japan's Finance Service Agency.

According to Revolut, those approvals are sufficient to launch the service in those countries. But not all features will make their way to Singapore and Japan. The regulation varies from one country to another, so the company may not be able to provide the same limits and feature set anywhere.

At launch, Revolut will focus on electronic wallet and payment card. You will not be able to buy cryptocurrencies, create business accounts and more. The limit should be more or less the same in local currency equivalent.

In Japan, Revolut says that it has already signed deals with Rakuten, Sompo Japan Insurance (SJNK) and Toppan. It sounds like there will be new insurance products, special card designs and more.

Revolut plans to open its APAC office in Singapore. Let's see if Revolut ends up convincing expats to sign up or if they can have a real impact outside of Europe.

And if you're a potential user in the U.S. or Canada, you'll have to wait a bit more. Revolut says that there will be more news in the coming weeks.

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