Revolut to Enable Singapore Users to Trade Gold and Silver in 2022by Fintech News Singapore January 5, 2022
Revolut announced that it will be offering customers gold and silver exposure through the app.
[Editorial Note: This article previously stated that Revolut has received approval from MAS to offer commodities, which was incorrect. Revolut has interpreted MAS’ “no objection” as “approval”. At the request of Revolut, we’ve edited the article to reflect this.]
Revolut expects to roll the service out to its Singapore customers in 2022. Once available, customers will be able to purchase and sell exposure to gold and silver, based on live market performance data. Exposures are backed by real, physical gold or silver.
Besides being able to transfer exposure to another Revolut user, customers can also round up their spare change and save them as gold and silver. No account minimum is required to start investing. Customers can start from as low as US$1.
Standard customers will pay 1.5% as fees per transaction while Premium and Metal customers will pay 0.5%. It is free to set up a Standard Revolut account. Monthly subscriptions for Premium and Metal plans are S$9.99 and S$19.99 respectively.
James Shanahan, CEO of Revolut Singapore said:
“Commodities will allow our customers to further diversify their portfolio. We have made sure that obtaining access to gold and silver exposure is as simple and low cost as possible, with customers being able to trade at amounts that suit them. Our goal is to give our customers as many options as possible so they can manage and invest their money in the way they want.”
Revolut Singapore announced on 6 December 2021 that it has obtained the licence to roll out stock trading and is also looking to bring cryptocurrencies to its customers in the Republic, subject to securing relevant approvals/licenses.