Revolut launches in Singapore 🇸🇬

Chad West

 · 10/24/2019  · 10/24/2019

The Revolut global community gains 30,000 new members today, as we officially go live in Singapore. As our first entry into Asia, Singapore marks a major milestone for us, and we’re excited about what’s to come.

In addition to welcoming thousands of new customers, we’re also looking forward to bringing more jobs and investment opportunities to the area. The launch comes following a successful beta period, during which we learned a lot about what it takes to launch somewhere like Singapore. Long story short, we’re ready to break down financial barriers for those who have traditionally gotten (we think) an unfair deal when it comes to managing their money.

What to expect from Revolut Singapore 😍

From today, Revolut Singapore customers will be able to send/receive money to/from other Revolut customers in Singapore, the UK, Europe, and Australia, instantly and for free.

That, plus many of our most popular existing features, including:

Instant spending notifications 😵

Know exactly what you’re spending, when, and where, in real-time with instant mobile push notifications that arrive before the receipt has finished printing.

Fairer overseas spending 🚢

Spend overseas in over 150 countries at the real exchange rate.

Free international ATM withdrawals 💳

Up to S$350 free ATM withdrawals a month on Standard, and up to S$700 a month on Premium.

In-app currency exchange 💴

Hold and exchange 14 currencies, including: Singapore Dollar, U.S. Dollar, Australian Dollar, British Pound, Euro, and Thai Baht (United Arab Emirates Dirham, Norwegian Krone, Israeli Shekel, and more coming soon).

Convenient bill-splitting 🥣

Split bills at the tap of a button, directly from the app, so no more I.O.U notes.

Budgeting and analytics 🤓

Stay on top of spending and see where your money goes each month with built-in budgeting controls for everything from groceries, to utilities and travel.

Round up payments 💍

Saving for something special? Round up your purchases to the nearest whole number and stash your spare change in a personalised vault.

The challenges of launching in Singapore 🤸‍♂️

The journey to Singapore so far has been both exciting and challenging. For every new market into which we expand, there are different rules and regulations. The challenge for us is to build things that work as we, and our customers, want them to, while adhering to official guidelines. Not always easy, as you might imagine.

Speaking to the team on the ground here in Singapore, we found that there were some distinct challenges, but also some pleasant surprises along the way. These were some of the challenges:

Finding our footing — Every country has its own customs, its own collective personality. Getting used to how things work in Singapore was one of the more enjoyable challenges.

Hiring top talent — There’s no shortage of incredible talent in Singapore, but finding those who fit our global ambition and thrive in solving difficult problems is still a challenge. Right now, we’re a team of around 20, but we have plans to double and eventually triple that number.

Localising Revolut’s features — This sort of comes back to local customs and expectations. In addition to the regulatory requirements of localising our features, the way we introduce those features and the language we use also needed to change.

And the pleasant surprises:

Interest in the product — 30,000 people on the waitlist, all wanting to use Revolut. That was cool.

Being recognised as a leading innovator — There’s never been anything quite like Revolut in Singapore, so having the opportunity to lead the conversation is something for which we’re still so grateful.

Strength of the team — We came together quickly with teams on the ground in Singapore, and in offices around the world, and what we’ve created so far is something we can all be proud of.

Where to next? 🛫

Revolut started in London back in 2015. In addition to Singapore, we’re live across Europe and Australia, with plans to launch later this year in the U.S. and Canada. Keep an eye out for more announcements on our plans to break down financial barriers around the world, by following us on social @revolutapp