Revolut’s Next Frontier: Singapore & Asia
Hey Digital Banking Fanatic!
After recent developments in the European and the American continents, Revolut is now turning its attention to a third continent: Asia. In Singapore, the company is aiming for a banking license and exploring a partnership with Alipay to streamline transfers to China.
Raymond Ng, CEO of Revolut Singapore, has outlined plans to enhance the platform’s currency offerings, introduce investment products, and develop merchant solutions for SMEs. At the same time, the firm is shifting its approach to attract affluent customers by expanding credit products and refining wealth management services.
So far in Singapore, Revolut’s financial performance has shown remarkable growth. The company’s annual revenue jumped almost 70% YoY in 2024, led by its card payments business, followed by the foreign exchange and paid plans segments. Revenue from subscriptions or paid plans went up by more than 50%, which, the firm said, shows that customers will pay for value-added services. Its wealth and trading customers in 2024 more than doubled from a year ago.
Ng describes the outlook for the region as “incredibly promising,” emphasizing Singapore’s role as a launchpad for broader regional expansion. “With Southeast Asia’s rapidly growing digital economy, we see vast opportunities to drive innovation, expand our reach, and build a safer, smarter, and more inclusive financial future,” he said.
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