Revolut has obtained approval from the Financial Authority of Singapore (MAS) to supply clients gold and silver publicity via the app.
Revolut expects to roll the service out to its Singapore clients in 2022. As soon as accessible, clients will be capable to buy and promote publicity to gold and silver, based mostly on stay market efficiency knowledge. Exposures are backed by actual, bodily gold or silver.
Moreover having the ability to switch publicity to a different Revolut consumer, clients may also spherical up their spare change and save them as gold and silver. No account minimal is required to begin investing. Clients can begin from as little as US$1.
Commonplace clients can pay 1.5% as charges per transaction whereas Premium and Steel clients can pay 0.5%. It’s free to arrange a Commonplace Revolut account. Month-to-month subscriptions for Premium and Steel plans are S$9.99 and S$19.99 respectively.
James Shanahan, CEO of Revolut Singapore mentioned:
“Commodities will enable our clients to additional diversify their portfolio. We now have made positive that getting entry to gold and silver publicity is as easy and low price as attainable, with clients having the ability to commerce at quantities that go well with them. Our objective is to present our clients as many choices as attainable to allow them to handle and make investments their cash in the way in which they need.”
Revolut Singapore introduced on 6 December 2021 that it has obtained the licence to roll out inventory buying and selling and can be seeking to deliver cryptocurrencies to its clients within the Republic, topic to securing related approvals/licenses.