The U.K.-based digital bank Revolut has been busy forging more partnerships and introducing more features in Singapore.

«The country is a natural hub for our expansion efforts. In Singapore, our revenue is back to pre-Covid levels and we are seeing very encouraging signup numbers,»James Shanahan, chief executive of Revolut Singapore, told finews.asia in an interview.

Revenue took a hit during Covid-19, but the company tightened its focus on costs and diversified away from a reliance on travel by launching new features like Rewards and entering partnerships with companies such as NTUC Income, according to Shanahan.

«We continue to closely monitor regulatory developments as we explore the diverse licensing opportunities available to us,» Shanahan said about the Singapore's upcoming digital banking regime. «When the right opportunities become available, we will move swiftly and decisively, in line with our ambition to remain amongst the world's fastest growing fintechs.»

APAC Expansion

In Asia, the fast-growing fintech is looking to deepen its roots in the region, following expansion to Australia and Japan earlier this year. «We are considering expansion to various countries and are working with potential partners to bring that to life,» Shanahan said.

To support its growth efforts, the bank is looking to fill a number of permanent roles in Singapore, including head of operations, head of compliance, head of risk management, expansion manager, strategy and operations managers.

New Features

This week, Revolut Singapore launched a web app for customers who want to access their accounts without a phone, as well as virtual accounts for secure and free top-ups from local banks via FAST.

The company has also been working hard to launch Revolut Business in Singapore in early 2021. «We are building an end-to-end solution that will help entrepreneurs and small businesses succeed in an increasingly online economy,» Shanahan said.

In the near future, Revolut Singapore also aims to bring more products to the market, including crypto, commodities and trading.