UK challenger bank Revolut has acquired approval from Singapore’s authorities to offer gold and silver exposure to customers through the platform’s app.
The approval issued by the Monetary Authority of Singapore (MAS) will see the firm offer services in 2022 with users able to purchase and sell exposure to gold and silver, Finews Asia reports.
The exposure will also be based on live market performance data backed by real, physical gold or silver. The company has set the transaction fees in the range of 0.5 to 1.5 per cent for Standard customers, Premium and Metal customers.
According to Revolut, users will also be able to transfer exposure to another customer with the ability to round up their spare change and save them as gold and silver.
“Commodities will allow our customers to further diversify their portfolio. 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,” said James Shanahan, CEO of Revolut Singapore.
The license approval comes after the company announced the appointment of Deepak Khanna as its new head of wealth and trading. Previously, Khanna has served as HSBC’s head of wealth products and journey. Overall, Khanna has 20-years of experience in wealth management.
His appointment was explicitly meant to guide Revolut in setting up and leading teams for the company’s wealth and trading products.
Revolut’s ongoing global expansion
In addition to the new appointment, the new feature is part of Revolut’s ongoing global expansion as the platform moves to attain super app status. The company has also acquired approval to enable stock trading and crypto investing for its Singapore users.
Amid the expansion, the neobank has hit over 16 million customers globally, with Revolut Business users accounting for at least 500,000.
The company is also scaling up its cryptocurrency trading options by intending to launch various products in future. As reported earlier by Finbold, fintech had advertised a job for a lead tech who will be in charge of developing a cryptocurrency exchange.