MAS Awards Capital Markets Services License to Revolut Singaporeby Fintech News Singapore December 6, 2021
Challenger bank Revolut has obtained a Capital Markets Services (CMS) license from the Monetary Authority of Singapore (MAS).
This will allow them 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 from US$1 onwards, 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, while 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 fee of US$1 per trade.
Besides trading, Revolut Singapore added that it is also looking to bring commodities and cryptocurrencies to its customers and this is subject to securing the relevant approvals.
James Shanahan, CEO of Revolut Singapore said,
“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 license as enabling the next phase in our ambition to roll out global products using Singapore as our hub.”