How Revolut Singapore is Revolutionizing the FinTech Space with its Super App

In one of the global financial hub and location of choice for expats, 2023 has been an exciting year for Revolut in Singapore, with its service expansion and new app feature roll outs. With consumers juggling with accounts scattered across several banks and brands, the Revolut wallet has linked with six different banks to facilitate seamless in-app top-ups, enabled instant card transfers to over 80 countries, and extended its card personalisation service to exemplify social consciousness - transforming the way people interacted with their finances.

During her opening keynote panel: "Advances in tech, increased competition and rising cost pressures – How to cope with the mounting pressure to remain profitable and thrive in this new era?", there was a burning question on everyon'es mind! Digital-centric traditional banks vs digital native fintechs, is there space for both?

Having been the dominant players in the finance industry for many years, major banks across the globe are actively pursuing digital transformation to stay relevant in the face of competition. Fintech players are disrupting the market and growing at a tremendous pace with their digital-first approach, offering highly personalised products and services to their customers at a quicker and efficient rate.

While fintechs possess a head start in terms of technology, banks have the infrastructure of regulations and licenses already in place, alongside the trust of customers. Even though traditional banks and fintech players are often cast as competitors, their different strengths could potentially bridge them to becoming good partners.

“Southeast Asian regulations are unique in each market, and the needs of the customers are also unique. For every market launch, we bring in our best practices to the market.”

Revolut is not only quick to introduce new features but adapt existing ones to empower customers. In this quickfire chat, she shares how they are catering to a broad spectrum of users in an “unparalleled market” and : 

• How Revolut gained market share in Asia with a quest to become a super app (with 30 million customers worldwide) that address the challenges and offers alternatives payment methods for consumers
• How Fintechs can tailor products to a tech-savvy demographic despite a fragmented market, focused on meeting customer needs and offering more value to them
• Ensuring compliance and instilling trust in customers and partners by adhering to the conservative heterogeneous regulatory environment in SEA
• The launch of Revolut Business in Singapore – if you’re an SME looking for a way to manage your business finances online and, on the move (this one is for you!)

Revolut’s exponential growth has been nothing short of… well, revolutionary.

Catch the interview now!