Revolut Singapore to offer silver and gold trading

FinTech Revolut has obtained permission from the Monetary Authority of Singapore (MAS) to allow clients to trade gold and silver on its app, finews.asia reported on Wednesday (January 5th).

The UK company plans to launch the service this year, allowing clients to buy and sell gold and silver exposure, backed by real metals, based on live market performance data, indicates the report.

Users will be able to transfer their exposure to other Revolut customers and round up their spare currency to save it in silver or gold, the Business Times reported. There is no minimum account required to start investing, although transaction fees vary depending on membership levels (1.5% for standard clients, 0.5% for premium or metal clients) .

“Commodities will allow our clients to further diversify their portfolios,” said James Shanahan, CEO of Revolut Singapore, according to The Business Times. “We have made sure that access to gold and silver exposure is as simple and inexpensive as possible, with clients able to trade at amounts that are convenient for them.”

“Our aim is to give our clients as many options as possible so that they can manage and invest their money as they wish,” he added.

Last month, Revolut Singapore announced that it had obtained a license from MAS to allow shares to be traded. It also plans to offer cryptocurrencies to its customers in Singapore, pending licensing and approvals, the Business Times reported.

Last year Revolut raised $ 800 million and was valued at $ 33 billion.

Read more: Revolut’s $ 33 billion valuation reflects promise of an open bank

In December, the company was granted a full banking license from the European Central Bank (ECB), which will allow it to issue consumer credit and other services to clients in more than 15 countries across Europe. .

See more : Revolut Bank Gets Full European Banking License Amid Criticism of Unfair Competition

However, despite obtaining its European banking license, Revolut is still not a full-fledged bank in its country of origin. To remedy this, the bank has applied for a UK banking license to upgrade its e-money institution license, which is expected to be granted later this year.