Revolut launches cryptocurrency trading in Singapore

SINGAPORE (THE BUSINESS TIMES) РLondon-based fintech company Revolut has launched a cryptocurrency service in Singapore, allowing users to buy, hold and sell more than 80 tokens through its app.

Revolut said the exchange process lets customers convert 27 fiat currencies, gold or silver into cryptocurrencies in one step and with no foreign exchange fees.

Fees for customers are based on the tiers they are in. Customers in the Standard tier are charged a 2.5 per cent transaction fee, while Premium and Metal customers are charged a 1.5 per cent fee.

Mr Deepak Khanna, head of wealth and trading at Revolut Singapore, said: “We plan to provide educational features in the coming months to help customers better understand the trends and risks associated with cryptocurrency.

“We believe the regulatory strengths in Singapore and proactive industry engagement are key to serving clients with the highest standards.”

The company said in April it had received in-principle approval from the Monetary Authority of Singapore to provide digital payment token services under the Major Payment Institution licence.

Revolut said it plans to establish several global product hubs in Singapore. Its customer base in the city-state has grown sixfold since the onset of the Covid-19 pandemic, and its revenue run rate has more than doubled in the past 12 months, the company added.