UK-based fintech company, Revolut has been authorised by the Monetary Authority of Singapore (MAS) to operate a fully regulated cryptocurrency service within its app as reported by Fintechnews Singapore.
The Revolut app now allows Singaporeans to the buy, sell, and hold cryptocurrencies.
In December 2021, Revolut obtained a capital markets services license from the MAS to launch a stock trading feature in Singapore.
With the additional cryptocurrency feature, it makes the Revolut app a super-app for financial services.
Revolut reported a user base increase of 6x since the beginning of the COVID-19 pandemic and its revenue run rate has more than doubled over the past 12 months.
Early April, the fintech unicorn appointed Lazada co-founder and former chief marketing officer, Charles Debonneuil as its Asia-Pacific general manager to focus on growing Revolut in the region.
"It’s clear from the assessment progress of license applications, that while Singapore has received an impressive number of applications, the MAS has focused on issuing an IPA (in-principle approval) to those it considers to be robust, well-governed, high-growth businesses, who can best leverage the strengths of Singapore while contributing to increased employment and capital deployment for the nation," said Nik Storonsky, Revolut Group’s chief executive officer and co-founder.
