Revolut, a SoftBank invested fintech firm known for its multi-currency and payments solutions, is broadening its presence in Singapore and Southeast Asia, offering a more integrated financial ecosystem. Since its initial expansion into the region, Revolut has introduced new wealth management features, including a robo-advisory service, while continuing to enhance its multi-currency offerings for both retail and business users. Raymond Ng, CEO of Revolut Singapore and Southeast Asia, emphasised the company's mission to provide customers with a seamless and transparent financial experience. “We want to be an everyday usage app for consumers and businesses,” he said. The fintech firm, which has secured banking licences in the United Kingdom (UK), European Union (EU) and Mexico, is now focusing on product parity between its European and Asian markets while working within regional regulatory requirements. Although Revolut has expanded its global footprint, its approach to Asia remains measured. “We work closely with regulators, and every country is at a different stage,” Ng explained. The company is prioritising regional compliance before launching additional services that require specific licences. Alongside its wealth and multi-currency solutions, Revolut is developing enhanced business banking services, particularly in cash flow management and yield-enhancing solutions for small and medium-sized enterprises (SMEs). Its business banking strategy aims to offer cost-efficient cross-border transactions and better liquidity management tools. Ng noted that Revolut will continue to build on these capabilities, ensuring that the fintech firm remains competitive in the rapidly evolving digital finance space. Understanding Revolut’s users and financial solutions Ng emphasised that Revolut has evolved to become a super-app that serves personal and business users, offering a suite of financial and non-financial products tailored to their distinct needs. For personal users, Revolut provides a digital-first financial experience that includes multi-currency accounts, investment products and travel-related services. Customers use the platform for everyday spending, budgeting and international transactions, benefitting from real-time exchange rates and a transparent pricing model. Ng highlighted that Revolut’s goal is to integrate financial services into users' daily lives. “We want to be an everyday usage app for consumers,” he said. Travel features are a key part of Revolut’s offering. Customers can hold and exchange multiple currencies, withdraw cash overseas with minimal fees and access travel insurance and airport lounge benefits. “Our plans are designed to provide value for different types of users,” Ng said. Revolut’s Metal and Ultra plans, available in Singapore, UK and EU, include perks such as higher fee-free ATM withdrawal limits and cashback rewards, features particularly beneficial for those making frequent cross-border transactions. For business users, Revolut provides multi-currency business accounts that simplify international transactions and cash flow management. Ng noted that liquidity management is a major focus. “Liquidity management is a key priority for businesses, and we are building solutions that help optimise cash flow while keeping costs low,” he said. Businesses can access features such as corporate cards, automated expense tracking and real-time foreign exchange rates. Revolut is also developing yield-enhancing solutions for SMEs, aiming to provide better returns on idle funds. Revolut is further expanding into telecommunications and insurance by partnering with service providers. The company envisions a holistic financial platform where banking, payments, and lifestyle services are seamlessly integrated. “In some of our markets, we have launched products like Stays & Experiences, creating a more integrated experience for users,” Ng noted. With a strong focus on multi-currency solutions, financial and investment services, Revolut aims to differentiate itself from both traditional banks and other fintech players by providing a transparent and cost-effective financial ecosystem. A seamless entry into wealth management Revolut’s expansion into wealth management in Singapore is driven by growing customer demand for accessible, low-cost investing. The company recently launched its robo-advisory service, which enables retail investors to start building diversified portfolios with a minimum of $100, a management fee of 0.75% per annum, and subsequent investments of as low as $10. The move is part of Revolut’s broader strategy to democratise investing and integrate wealth management into customers' daily financial habits. “We recognise that many customers want to start investing but may not know how to. The idea is to make it simple and accessible,” said Kelvin Liew, Head of Wealth and Trading at Revolut Singapore. The robo-advisory service offers a mix of equities and bonds through exchange-traded funds (ETFs), with risk-adjusted allocations based on a customer’s financial goals. Unlike traditional investment services, which require high initial capital and active portfolio management, Revolut’s solution allows users to automate their investments with minimal effort. To further simplify investing, Revolut has introduced a spare change round-up feature, which automatically invests leftover change from transactions. “As you spend, you get to save and invest. Over time, this commitment helps users accumulate wealth without requiring significant effort,” Liew explained. Despite its advancements in digital wealth management, Revolut does not yet integrate with Singapore’s financial data aggregation platform, SGFinDex, which enables users to consolidate their banking and investment accounts across multiple institutions. Liew noted that while such integrations could be valuable in the future, Revolut is currently focused on embedding financial management tools within its own ecosystem rather than through external platforms. The competition in Singapore’s robo-advisory space is intensifying, with established players such as StashAway, Syfe, and Endowus offering similar services. However, Revolut differentiates itself by positioning investing as an extension of everyday financial activities rather than a separate wealth-building process. “We are not just providing investment options—we are embedding them into daily spending habits,” Liew said. Revolut’s wealth management offerings also extend beyond robo-advisory. The company has introduced money market funds (MMFs) for the United States dollar (USD), and it plans to launch British pound (GBP) and the euro (EUR) money market funds to cater to a broader customer base. The MMFs serve as an alternative to traditional savings accounts, offering higher yields without requiring a banking licence. “We want to provide options that are safe but also offer better returns than standard deposits,” Liew said. As Revolut scales its wealth products, the fintech firm remains committed to regulatory compliance and customer education. Liew acknowledged that some customers may still be unfamiliar with digital wealth management, which is why the company prioritises transparency, simple user interfaces and risk-based portfolio recommendations. Multi-currency solutions and cross-border transactions Revolut built its reputation on multi-currency payments and seamless global transactions, and these remain at the core of its business strategy. The company has continued to enhance its multi-currency capabilities, offering features that benefit both individual users and businesses. Ng highlighted that Revolut initially started as a remittance product for the UK and Europe, but it has since expanded into a comprehensive financial super app. Today, Revolut operates in over 38 markets and aims to reach 100 million users worldwide. Expansion is also a key focus in Asia. One of Revolut’s key differentiators is its ability to offer foreign currency wallets for 34 currencies, allowing users to buy, hold, and convert at favourable rates. “Users can purchase foreign currencies in advance, set rate alerts, and transact globally without excessive fees,” Ng said. The company also offers cashback in multiple currencies, including cryptocurrencies for Metal customers. Revolut integrates this feature into its broader wealth and payments ecosystem, enabling users to save, invest, and transact seamlessly. Beyond individual users, Revolut is also expanding its multi-currency solutions for SMEs and business customers. “Liquidity management and yield-enhancing solutions are critical for SMEs. We are exploring partnerships and tools to help businesses optimise their cash flow while keeping their funds within the Revolut ecosystem,” Ng said. Competition in the multi-currency and remittance space remains high, with firms such as Wise and major banks offering similar solutions. However, Revolut differentiates itself by combining everyday spending tools, wealth management and multi-currency solutions into a single platform. “We want to be an essential financial app, not just another remittance service,” Ng explained. Revolut is also planning to introduce new business banking features tailored for SMEs, including enhanced foreign exchange management and cross-border payments. These developments align with the company's goal of simplifying international transactions for businesses while maintaining cost efficiency. Regulatory developments and business banking Revolut operates as a fully licensed bank in the UK and EU, but its status in Asia differs due to varying regulatory frameworks. In Singapore, Revolut holds a Major Payment Institution (MPI) licence, which allows it to provide e-money services, cross-border transfers, and certain financial products but does not permit deposit-taking or lending services. Ng acknowledged that obtaining a full banking licence in Asia is a complex process, requiring careful compliance with local regulations. “Without a banking licence, we cannot provide deposit accounts or credit directly. But that doesn’t stop us from working with licensed institutions to offer similar services,” he said. Revolut's regulatory strategy involves collaborating with regional financial institutions to expand its product offerings within the compliance boundaries. While it has no immediate plans to apply for a Singapore banking licence, the company continues to monitor opportunities for long-term expansion. Challenges and opportunities ahead Revolut’s expansion into Singapore and Southeast Asia reflects its ambition to be more than just a payments platform. By integrating wealth management, multi-currency solutions, SME and a slew of lifestyle and travel-related services, the company is positioning itself as a comprehensive digital financial ecosystem provider. However, growth in competitive and highly regulated markets presents challenges. While Revolut offers competitive pricing and seamless digital solutions, it faces increasing competition from traditional banks, regional fintech players and global big-tech platforms. Additionally, ensuring regulatory compliance in multiple jurisdictions remains a key challenge as financial regulations evolve. “We work closely with regulators, and every country is at a different stage,” Ng said. Scalability and localisation will also be crucial for success. Revolut must adapt its products to suit diverse consumer preferences in different markets while maintaining operational efficiency. Moreover, customer trust and adoption of digital-only financial services remain a concern, especially in regions where traditional banking relationships dominate. Despite these challenges, Revolut remains committed to innovation and improving its offerings. The firm’s ability to balance growth with compliance, strengthen its business user proposition and experience, and expand partnerships will determine its long-term success. As it navigates the evolving financial landscape, Revolut’s challenge will be to sustain its competitive edge while meeting the diverse needs of its growing customer base.
