Revolut, the global FinTech with more than 16 million customers worldwide, has obtained a Capital Markets Services (CMS) licence from the Monetary Authority of Singapore (MAS). This will allow the financial super app to launch its stock trading feature to its customers in Singapore and beyond, giving them the opportunity to invest in over 1,000 US listed stocks on the NYSE and NASDAQ.
Revolut expects to roll the service out to its Singapore customers in the first half of 2022. Once available, customers will have the opportunity to buy fractional shares in US listed companies for as little as US$1, giving them access to stocks from companies like Amazon, Tesla, Coca-Cola, and Apple.
There is no account minimum required to invest via Revolut’s trading feature. Standard customers will be able to make three commission-free trades per month, Premium customers will be able to make eight and Metal customers will be able to make unlimited commission-free trades per month. Above these monthly limits trades will incur a small fee of US$1 per trade. Singaporean investors in US stocks benefit from a simplified user experience when trading via the Revolut app, as trades and currency conversions can be made fully within the Revolut app. It is free to set up a Standard Revolut account.
James Shanahan, CEO of Revolut Singapore said:
“This is a huge step forward in our mission to make financial services more inclusive, innovative and affordable. Investing through Revolut is low-cost, easy-to-use, and available to everyone, including those who wish to invest small amounts.“
“We also see this licence as enabling the next phase in our ambition to roll out global products using Singapore as our hub. We are grateful for the robust assessment and continued support of the MAS, which differentiates Singapore and attracts world-class businesses.”
Besides Trading, Revolut Singapore is also looking to bring Commodities and Cryptocurrencies to its customers in the Republic subject to securing relevant approvals/licenses.
To set up a Revolut account, download the app from the Apple App Store or Google Play Store today.