FinTech Revolut has gotten permission from the Monetary Authority of Singapore (MAS) to allow customers to trade gold and silver on its app, finews.asia reported Wednesday (Jan. 5).
The U.K. company plans to launch the service this year, allowing customers to buy and sell gold and silver exposure, backed by real metals, based on live market performance data, the report stated.
Users will be able to transfer exposure to other Revolut customers and round up their spare change to save as silver or gold, The Business Times reported. There’s no minimum account required to begin investing, although transaction fees will vary depending on membership levels (1.5% for standard customers, 0.5% for premium or metal customers).
“Commodities will allow our customers to further diversify their portfolio,” said Revolut Singapore CEO James Shanahan, according to The Business Times. “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.”
“Our goal is to give our customers as many options as possible so they can manage and invest their money in the way they want,” he added.
Last month, Revolut Singapore announced it had procured a license from the MAS to allow stock trading. It is also planning to offer cryptocurrencies to its customers in Singapore, pending licenses and approvals, The Business Times reported.
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Last year, Revolut raised $800 million and was valued at $33 billion.
Read more: Revolut’s $33B Valuation Reflects the Promise Of Open Banking
In December, the firm was awarded a full banking license from the European Central Bank (ECB), which will allow it to issue consumer credit as well as other services to customers in more than 15 countries throughout Europe.
See more: Revolut Bank Granted Full EU Banking License Amid Criticisms of Unfair Competition
Yet despite gaining its EU banking license, Revolut is still not a full-fledged bank in its home country. To remedy that, the bank has applied for a U.K. banking license to upgrade its eMoney institution license, which is expected to be given sometime this year.
