Revolutionizing to take on local fintech players with super app that covers every financial need
SINGAPORE – Financial technology (Fintech) firm Revolut is responding to fierce competition in the online payments sector by increasing its service options with the aim of building a super app to meet a wider range of consumer needs.
An initiative launched here last week allows users to link their Revolut wallets to accounts at six banks – DBS, UOB, OCBC, Standard Chartered, Maybank and Bank of China – allowing them to move money into their e-wallets without having to leave Revolut. app.
The move will support Revolut’s cross-border multi-currency service, which enables users to buy and hold foreign currency on the app until they need to transfer the money abroad.
In February, Revolut made fractional trading of US stocks available, allowing users here to buy and sell US stocks for as little as US$1 ($1.33).
The firm now offers payments, money transfers and remittances, foreign exchange trading, fractional trading of US stocks, as well as commodities and crypto trading in Singapore.
Since it does not have a banking license, Revolut Singapore CEO Raymond Ng said the firm is looking for local partnerships that will enable it to accept deposits and offer credit card services on its app. An announcement on this front could come as early as this year.
A partnership could be similar to StanChart’s agreement with FairPrice Group to establish the digital banking joint venture called Trust.
“Singapore consumers are already well supported by the banks and other fintech providers here, but what we have yet to see is a single platform that allows them to carry out all their banking and financial needs without logging in and out of multiple apps,” said Mr. Ng.
– This is how we stand out.
Revolut rival Wise has also launched services to retain users.
Since February, customers have been able to earn up to 3.22 percent interest on Singapore dollar-denominated funds in their Wise accounts if they move their holdings to any interest-earning fund on the app, Wise product manager Surendra Chaplot said.
On Wednesday, Wise announced a partnership with Moomoo Singapore to allow users of the Moomoo stock trading app to deposit funds into their trading accounts through their Wise accounts. Last year, Wise revealed a similar partnership with Moomoo competitor Tiger Brokers.
Savvy customers in Singapore can already transfer money to 12 mobile wallets in Asia, including Touch ‘n Go in Malaysia, GrabPay in the Philippines and Shopee Pay in Indonesia.
Competition is also increasing on the payment front.
On Tuesday, WhatsApp users in Singapore were told that they can now make payments to some local businesses via a new chat feature on the instant messaging app.
Singaporeans with a WhatsApp number registered here can pay by credit card, debit card or PayNow via their WhatsApp chat. This allows consumers to shop directly without having to leave the app. There is no limit to how much users can pay in a single transaction and no fees will be charged.
