Revolut has obtained approval from the Monetary Authority of Singapore (MAS) to offer customers gold and silver exposure through the app.
Revolut expects to roll the service out to its Singapore customers in 2022. Once available, customers will be able to purchase and sell exposure to gold and silver, based on live market performance data. Exposures are backed by real, physical gold or silver.
Besides being able to transfer exposure to another Revolut user, customers can also round up their spare change and save them as gold and silver. No account minimum is required to start investing. Customers can start from as low as US$1.
Standard customers will pay 1.5% as fees per transaction while Premium and Metal customers will pay 0.5%. It is free to set up a Standard Revolut account. Monthly subscriptions for Premium and Metal plans are S$9.99 and S$19.99 respectively.
James Shanahan
James Shanahan, CEO of Revolut Singapore said:
“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. 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.”
Revolut Singapore announced on 6 December 2021 that it has obtained the licence to roll out stock trading and is also looking to bring cryptocurrencies to its customers in the Republic, subject to securing relevant approvals/licenses.
