FINTECH startup Revolut has obtained approval from the Monetary Authority of Singapore (MAS) to offer commodities trading to its customers.
The fintech expects to roll out this service to Singapore customers via its app, where they can buy and sell exposures to gold and silver, which is backed by the physical commodity. The prices of the commodities will also be based on live market performance data.
Revolut customers can transfer gold and silver exposure to each other, as well as round up spare change to save as gold and silver. There is no account minimum and customers can start with as low as US$1.
“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, chief executive officer of Revolut Singapore.
Fees of 1.5 per cent per transaction will be charged for Standard customers while Premium and Metal customers will pay 0.5 per cent per transaction. Premium and Metal customers pay S$9.99 and S$19.99 in monthly subscriptions.
This move comes as other fintech have moved deep into the wealth and investing market, such as robo-investment platform Syfe with its fractional trade offering, Syfe Trade. Revolut has also announced the intention of launching a fractional trading offering after obtaining a capital markets licence from MAS in December 2020.
“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,” said Shanahan.
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