A few hours ago, Revolut published a statement explaining that the company is now operating in Singapore, Asia, with its debit card service.
Revolut, a London-based company, has already been operating in Europe for 4 years now and, thanks to its debit card service, makes financial management easier for millions of users, who in Europe alone account for over 7 million.
With this expansion in Singapore, Revolut is starting to branch out into Asia, which is another key financial hub that will allow users to send and receive money worldwide and also exchange foreign currencies.
It is precisely the support of different fiat currencies that plays a key role in this sector, given that with Revolut users will be able to use the service in over 150 countries; furthermore, it is also possible to withdraw cash at all international ATM.
Singaporeans often travel abroad and currency exchange fees are often as high as 5%, which is an expensive figure in the long term, said Eddie Lee, Head of Operations Asia-Pacific:
“The average Singapore resident travels about seven times a year, and at the same time, they are transferring up to $7 billion overseas. For the most part, these are ordinary, hard working people who are unaware that their existing providers are charging them as much as five percent in fees”.
One of Revolut’s objectives is to reduce the financial costs of managing financial tools: it is no coincidence that the transfers made to and from users who have Revolut are instantaneous and free, two interesting advantages when compared with standard debit or credit cards.
The Revolut app is focused on the customer experience, with weekly and monthly reports of expenses and the possibility to set spending limits and much more.
Just a couple of days ago, Revolut announced its expansion into America, precisely to reach those territories that are still far from the current headquarters of the company.
To meet the need for an adequate and on-site team, Revolut has created a hub dedicated to the Asia-Pacific region, in Singapore, which will triple its workforce in the coming months.