Challenger bank Revolut has received in-principle approval from the Monetary Authority of Singapore (MAS) to operate a fully regulated cryptocurrency service, along with merchant acquiring services.

Revolut Technologies Singapore (RTS) is already licensed as a Major Payment Institution (MPI) in Singapore, while its sister company Revolut Securities Singapore (RSS) holds a Capital Markets Services (CMS) license.

As a result of this approval, RTS will be able to provide digital payment token services, which include allowing customers in Singapore to buy, sell, and hold cryptocurrency in their Revolut app.

Revolut said that its customer base in Singapore has grown 6-fold since the onset of the Covid pandemic, and its revenue run rate has more than doubled in the past 12 months.

Nik Storonsky, Revolut Group’s CEO and Co-founder said,

“It’s clear from the assessment progress of license applications, that while Singapore has received an impressive number of applications, the MAS has focused on issuing an IPA (in-principle approval) to those it considers to be robust, well-governed, high-growth businesses, who can best leverage the strengths of Singapore while contributing to increased employment and capital deployment for the nation,”

James Shanahan, Revolut Singapore CEO added,

“We have a superb, highly engaged team in place, every one of whom continues to expand their already market-leading skills and knowledge at an impressive pace.

 

Combined with these new MPI license extensions, Revolut Singapore is ideally placed to advance and deliver on our financial services super-app ambition.”