The British fintech, Revolut is expanding its services in the overseas market and has gained approval from the Monetary Authority of Singapore (MAS) for offering commodities trading to its Singaporean client base.
As reported by Business Times, the fintech app is now planning to allow gold and silver exposure, which are backed by physical commodities, to its customers in Singapore. They will be allowed to buy and sell commodity instruments, and the prices will be based on live market performance data.
“Commodities will allow our customers to further diversify their portfolios,” said James Shanahan, the Chief Executive Officer of Revolut Singapore.
“We have made sure that obtaining access to gold and silver exposure is as simple and low cost as possible, with customers being able to trade at amounts that suit them.”
The move can be seen as the platform’s push to expand into Singapore’s wealth and investment market. Revolut already gained a capital markets license from MAS in December 2020 and is planning to offer fractional trading services.
Additionally, Revolut customers in Singapore can transfer their holdings of gold and silver to each other. Moreover, the platform will allow customers to purchase gold and silver using spare change.
Low Entry Barrier
Furthermore, Revolut has kept the entry barrier of the commodities investment lower and will allow customers to purchase the instruments with merely $1. However, the platform will charge a 1.5 percent fee from its Standard customers. Premium and Metal customers, who pay S$9.99 and S$19.99 in monthly subscriptions fee, respectively, will be charged 0.5 percent for transaction fees.
Meanwhile, the fintech is expanding its banking services across Europe and is now operating as a banking institution with a Latvian license in more than a dozen countries within the European Economic Area (EEA).
