Fintech Top Stories

Revolut received a CMS license from the Monetary Authority of Singapore

The company is also looking forward to implementing its stock trading feature during the first half of 2022

London-based fintech company Revolut has obtained a capital markets services (CMS) licence from the Monetary Authority of Singapore (MAS) and it is also looking to implement its stock trading feature during the first half of 2022 in Singapore and beyond and will also give them the opportunity to invest in over 1,000 US-listed stocks on the NYSE and NASDAQ., according to media reports. This feature will allow customers to buy some fractional shares in US-listed companies and to do so, with no account minimum needed to invest, announced the fintech unicorn in a statement.

James Shanahan, CEO of Revolut Singapore told the media, “Investing through Revolut is low-cost, easy-to-use, and available to everyone, including those who wish to invest small amounts. We also see this license as enabling the next phase in our ambition to roll out global products using Singapore as our hub.”

Subscribers will also have access to commission-free trades, which usually cost $1 per trade. Standard accounts, which are at the lowest tier have the option to create and entitle subscribers to 3 commission-free trades per month. Whereas Metal, the highest tier gives users access to unlimited commission-free trades per month.

This service is also giving strong competition to online brokerage companies like TD Ameritrade and Tiger Brokers. Ameritrade charges no fees and the latter charges a $1.99 minimum fee, with $0.01 per share for US-listed stocks. Apart from trading, Revolut is also looking forward to bringing commodities and cryptocurrencies to customers after receiving necessary approvals. Currently, Revolut boasts 16 million subscribers.

Earlier this month, the fintech unicorn raised $800 million and raised the company’s valuation to $33 billion. In 2019, Revolut rolled out its services in Singapore that specialises in mobile banking, card payments, money remittance, and foreign exchange. The company competes with big names like Nium.

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