Fintech Giant Introduces Gold and Silver Trading for Singapore Customers
Revolut, the fintech startup, is set to introduce commodities trading to its users in 2022, with a focus on gold and silver exposure. The service will be available through its app for customers in Singapore, allowing them to buy and sell these commodities backed by physical assets. The prices will be tied to live market data, offering real-time updates to users.
Customers can easily transfer gold and silver exposure to one another, as well as round up their spare change to save in gold or silver. There is no minimum account requirement, with users able to begin trading with as little as US$1.
James Shanahan, CEO of Revolut Singapore, commented, “Commodities will offer our customers a further opportunity to diversify their portfolios. We’ve ensured that access to gold and silver exposure is simple and cost-effective, enabling customers to trade in amounts that suit them.”
Standard customers will incur a 1.5 per cent fee per transaction, while Premium and Metal customers will pay a reduced 0.5 per cent fee per transaction. Premium and Metal customers also pay monthly subscription fees of S$9.99 and S$19.99, respectively.
This move aligns Revolut with other fintech companies, such as Syfe, which has ventured into the wealth management space with its fractional trading platform, Syfe Trade. Revolut has also plans to launch fractional trading following the acquisition of a capital markets licence from the Monetary Authority of Singapore (MAS) in December 2020.
Shanahan added, “Our aim is to offer our customers as many choices as possible, so they can manage and invest their funds according to their preferences.”
