The Monetary Authority of Singapore (MAS) has given permission to Revolut to allow customers to trade gold and silver on its platform.
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The purchases made are backed by real, physical gold, or silver and are being held securely with a trusted precious metals services partner, Revolut informs.
However, the transaction fees depend on Revolut 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.
Deepak Khanna, Head of Wealth and Trading at Revolut said, “If we see wealth management today — the various offerings are expensive, manual, and impersonal. I believe a disruption is waiting to happen in this area and there is an immense opportunity for a player to provide such services in a simple and fuss-free manner.”
In 2021 Revolut raised $800 million and was valued at $33 billion making it one of the most valuable FinTech companies around the world.
Revolut has also finally become a full-fledged bank in Europe last year due to a banking license issued by the European Central Bank (ECB).
Joe Henegan, head of Revolut Bank, said that “We are currently focusing on expanding the bank’s operations across Europe.”
Revolut has also received a license to roll out stock trading and presented plans to bring cryptocurrencies trading to its customers in Singapore, which has been very popular among Revolut users elsewhere.