Revolut to Roll Out Stock Trading Feature in Singapore
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The U.K.-headquartered fintech has obtained a Capital Markets Services (CMS) license from the Monetary Authority of Singapore (MAS).
Revolut is planning to roll out a stock trading feature on its app to Singapore customers, scheduled for the first half of 2022, which allows users to buy fractional shares in U.S. listed companies, the neobank announced in a statement on Monday.
The trading feature is free to set up with a standard Revolut account, and there is no account minimum required to invest, with the platform offering users several commission-free trades a month, depending on their subscription plan
Besides Trading, Revolut Singapore said it is also looking to bring Commodities and Cryptocurrencies to customers herem subject to securing the relevant approvals. Revolut currently has around 16 million users worldwide.
Questions & Answers
Q.What kind of license has Revolut obtained to offer this service in Singapore?
What kind of license has Revolut obtained to offer this service in Singapore?
Revolut has secured a Capital Markets Services (CMS) license from the Monetary Authority of Singapore (MAS). This allows them to offer regulated financial services in the country.
Q.When is Revolut planning to launch the stock trading feature for Singaporean customers?
When is Revolut planning to launch the stock trading feature for Singaporean customers?
The neobank is scheduled to roll out the stock trading feature for customers in Singapore during the first half of 2022. This was announced in a statement on Monday.
Q.Are there any upfront costs or minimums required to use Revolut's trading feature?
Are there any upfront costs or minimums required to use Revolut's trading feature?
There are no setup fees for the trading feature with a standard Revolut account, and no account minimum is required to start investing. Users will also get several commission-free trades each month.
Q.What other services is Revolut Singapore considering introducing in the future?
What other services is Revolut Singapore considering introducing in the future?
Beyond stock trading, Revolut Singapore is looking to offer Commodities and Cryptocurrencies to its customers. These offerings are subject to securing the necessary regulatory approvals.
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