The Monetary Authority of Singapore (MAS) has granted a capital markets services (CMS) license to Revolut, a UK-based fintech company, The Business Times reported.
Revolut is looking to launch a stock trading feature in Singapore some time in the first half of 2022, which will allow its users to buy fractional shares in US-listed companies without the need for account minimums. This service otherwise costs US$1 per trade.
Earlier this year, the fintech unicorn had raised US$800 million at a US$33 billion valuation. The company, which rolled out services in Singapore in 2019, specializes in mobile banking, card payments, money remittance, and foreign exchange. It competes with players such as Nium in Singapore.
See also: Asia a ‘high priority’ for Revolut following mammoth $500m fundraise
Editing by Collin Furtado and Arpit Nayak
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