SINGAPORE – Revolut will open a new office at Collyer Quay Centre as a mark of its expansion plans in Singapore and the region, the London-headquartered fintech company said on Oct 8.
It will also invest nearly $350 million in Singapore over the next five years, spanning product innovation, business growth and the expansion of its local workforce.
Revolut, which opened in Singapore in 2019, now hires nearly 170 people here, but plans to grow its headcount to more than 300 over the next three years.
It already nearly doubled its headcount in 2025, and is planning to hire more people for roles across engineering, product, data and artificial intelligence.
The new office, which will occupy 8,880 sq ft of office space on the ninth floor of Collyer Quay Centre, is scheduled to open in early 2027. The company will also have its name on the building.
Revolut currently operates out of co-working space WeWork at Funan.
Revolut Singapore chief executive Raymond Ng told The Straits Times: “I think having our own space is very important not only for our staff, but also for our users, so they get more familiar with us and our logo.
“We want to be their daily app, not a travel app, because our ultimate aim is to be all things money to our users.”
He added that the new office also signals the company’s commitment to Singapore, and forms a base for expansion into the region.
Besides Singapore, Revolut is already in Japan, India, Australia and New Zealand in the Asia-Pacific region, and it is on the lookout for more opportunities. It also has a tech hub in the Philippines.
Ng said: “We are always looking at opportunities to go into markets. It’s all about timing, and it’s all about whether there’s a market fit. We need to look at the business case and talk to the regulators.”
Within Singapore, Ng also wants to shed the image of Revolut as solely a travel app for Singaporean travellers to hold different currencies.
Revolut already has a cryptocurrency licence in Singapore, and users can also make investments and trade on the app.
Revolut announced its new office building in Singapore on Oct 8.
PHOTO: REVOLUT
It also offers tiered subscriptions where users can access wealth and lifestyle products, such as VPN services, AI services and travel insurance, according to their tier.
Ng said: “In Singapore, we started off by doing travel-related services, but now we want to be used more for daily services, too.”
He added: “We have many very sophisticated users here, and the way we are going now is that by giving them all these services, they will be using us more and more daily, and not only for travel.”
The firm’s investment in Singapore is to scale its retail and business user bases, particularly because Singapore is a financial and logistics hub.
He noted that many companies set up regional offices in Singapore, and they have immediate needs like remittances and doing financial transactions.
That is where Revolut can enter to help small and medium-sized enterprises and cross-border companies that might be scaling up or looking for a more integrated financial operating system.
When asked about whether Revolut is applying for a digital bank licence in Singapore, Ng said he is unable to comment at this time.
Revolut already holds digital bank licences in markets like Britain, Mexico, France and Australia.
Ng said: “We don’t think of the licence first. We think of what is needed in the market, get feedback from the consumer, then at the right time, we will apply for the right licence. It’s all about product fit. And we don’t want to be making any comment till we are ready.”
He noted that the main difference is that institutions without a banking licence are unable to hold customer deposits, provide interest on the deposits or offer loans the way a bank can.
But Ng also sees Revolut as a tech company first, then a finance one.
“It is a very tech-driven company, and then we go into providing many financial services and lifestyle services,” he said, adding that the company has written its own AI model using internal data and in-house data scientists.
He added that an AI-enabled interface will soon arrive on the app for users here, too, which includes allowing users to execute commands on the app using voice control or prompts.
Ng said: “We can’t escape that everything is going to be very digital. The consumer is actually asking for more now… everyone wants everything in one app, and we want to be part of the lifestyle of the consumer.”
Ng envisions a day when users can bank, pay for their gym membership, invest and also download eSims, all on a single platform.
“We always ask the three questions: Are we solving a problem that the consumer is having? Are we giving them the convenience, or are we giving them the best experience? Once we can answer these three questions, we know what product we need to give the consumer,” he said.
“It’s all about combining your money needs with all your lifestyle needs.”
