In light of Revolut pulling out of the race for a digibank license in Singapore, what are the implications for its cardholders here? - Seedly
 

Revolut

Multi Currency Cards

Payments

Asked by Shanty

Asked 4w ago

In light of Revolut pulling out of the race for a digibank license in Singapore, what are the implications for its cardholders here?

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I am particularly curious if Chester (Country Manager for Revolut SG) can share whether the following features will be impacted by the banking license being off the table:

  • Topup/Funding in non-SGD currencies

  • Virtual bank account details (for both SGD and non-SGD currencies)

The above would be important to get feature parity with something like Transferwise, else Revolut is looking a bit weak (to both TW and Revolut's own offerings for residents in other countries).

(Nonetheless, agree with reasoning for pulling out of the banking license race; when I saw the 1.5bn capital requirement, I was wondering who would want to pursue a license; MAS must have a very specific view of potential future banks of when setting the requirement)

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Sarveen Chester
Sarveen Chester, Country Manager at Revolut
Level 4. Prodigy
Answered 2w ago

Hey Shanty! Good question. These movements won't affect the services in offer currently in any way. It's business as usual.

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