Revolut Files for U.S. Bank Charter to Expand American Banking Push
Revolut has officially filed an application for a U.S. bank charter while appointing a new CEO to lead its American operations. The move marks a major step in the fintech giant’s long-term strategy to deepen its presence in the United States and compete directly with traditional banks. A successful charter would allow Revolut to offer a broader suite of regulated banking services, including lending and deposit products, under its own license. It would also reduce reliance on partner banks and strengthen its ability to scale in the highly competitive U.S. financial market. The application signals Revolut’s ambition to evolve from a global fintech app into a fully licensed digital bank across major markets. For the broader fintech sector, the development highlights how leading challengers are increasingly pursuing full banking licenses to accelerate growth and credibility. If approved, Revolut’s expansion could reshape competition between digital banks and established financial institutions in the U.S.
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Singapore payments landscape
Singapore’s payment systems are made up of several different networks, each serving specific purposes. Among them, Fast and Secure Transfer (FAST) is one of the biggest and fastest-growing. It provides the main account-to-account transfer service that PayNow uses.
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A breakdown of the payment methods in Singapore
- Digital payments
As of October 2022, there were 3 million mobile numbers, 2 million National
Registration Identity Card and 500,000 Foreign Identification Numbers registered with PayNow, along with over 210,000 merchants using SGQR to accept payments.
Singapore launched FAST in 2014 and PayNow in 2017 integrating these digital
payments with all major banks and several non-banking financial institutions.
These initiatives enhance financial inclusion by offering secure, convenient
access to electronic payments, supporting the nation’s drive towards a cashless
society and boosting customer confidence in digital transactions.
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Digital payment tokens (DPTs) usage
DPT services, including cryptocurrencies like Bitcoin and Ethereum, are playing an increasingly meaningful role in Singapore’s payments ecosystem. They continue to drive innovation, expand payment options and attracting significant investment into the digital assets sector. In 2023, crypto companies secured approximately USD627 million in funding across 88 deals.
Merchant adoption is also rising. In 2024, merchants in Singapore processed nearly USD1 billion in crypto-denominated payments, much higher than any previous quarter in the preceding two years, highlighting the growing use of DPTs in real-world commerce
This momentum is supported by Singapore’s regulatory clarity, technological
innovation and growing consumer demand. Collectively, these factors are positioning DPTs as a mainstream option for payments and investments in Singapore.
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Retail domestic payments
The domestic money transfer payments industry in Singapore—distinct from international remittance—is primarily driven by digital payment platforms and RTP systems such as PayNow and FAST. About 26% of payments companies in Singapore hold licences to provide domestic money transfer services.
According to MAS data, FAST transactions totalled 500 million in 2024, amounting to SGD661,748 million – a 31% increase in volume and 36% in value compared to 2023, respectively. During this period, there were 123 million Inter-bank GIRO transactions, amounting to SGD672,863 million. This represents 19% of the transaction volume and 40% of the total value cleared by the Automated Clearing House (ACH) payments system. Additionally, Singapore’s dollar cheque clearance had a volume of 8.4 million, which is just over 1% of the total cleared. The cheque clearance value was SGD309,242 million, or 19% of total value cleared by the ACH payments system for the full year of 2024.
Curated News
💳 Payments
Mastercard Introduces Standard to Verify AI Agent Transactions
Mastercard has unveiled a new open standard designed to verify transactions initiated by AI agents. The framework aims to ensure secure authentication and trust as autonomous AI systems begin executing payments on behalf of users. As agentic commerce grows, such standards could become critical infrastructure for AI-driven financial interactions.
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SoFi and Mastercard Enable Stablecoin Settlement on Global Network
SoFi and Mastercard have partnered to enable settlement using SoFiUSD across Mastercard’s global payments network. The collaboration integrates digital asset settlement capabilities into traditional card infrastructure. The move highlights how stablecoins are increasingly being tested within mainstream payment ecosystems.
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ShopeePay and Alipay+ Launch Cross-Border QR Payments in Singapore
ShopeePay and Alipay+ have launched cross-border QR payment capabilities in Singapore, enabling seamless payments for travelers and merchants. The system allows users from different markets to pay using familiar digital wallets without additional infrastructure. The initiative reflects growing regional demand for interoperable mobile payments.
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Swift Advances New Framework for Retail Consumer Payments
Swift is accelerating a transformation of consumer payments by rolling out a new framework for retail transactions among participating banks. The initiative focuses on improving interoperability and speed across global payment networks. It signals continued modernization of the financial messaging system that underpins international payments.
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Silverflow Raises $40M to Expand Cloud Payment Processing
Payment infrastructure startup Silverflow has raised $40 million in a Series B funding round. The company plans to scale its cloud-native card processing platform aimed at improving flexibility for payment service providers and merchants. The funding reflects continued investor interest in modernizing payments infrastructure.
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🏦 Banking
Beacon Bank Launches Digital Platform with Narmi One
Beacon Bank has partnered with Narmi One to power its new digital banking platform. The solution aims to modernize the bank’s customer experience with improved online and mobile banking capabilities. Community banks increasingly rely on fintech platforms to accelerate digital transformation.
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China Plans $44B Injection Into State Banks to Support Tech Financing
China is planning a $44 billion capital injection into state-owned banks to boost financing for technology companies. The move is designed to strengthen support for strategic industries and innovation-driven growth. It highlights the role of banking policy in shaping national technology development.
Source
Ualá Raises $195M to Expand Digital Banking in Latin America
Latin American neobank Ualá has raised $195 million in funding at a valuation of $3.2 billion. The capital will help the company expand financial services across the region, including lending and payments. The funding underscores continued investor confidence in emerging market digital banking.
Source
🪙 Crypto
OKX Valuation Reaches $25B After Investment From NYSE Parent
Crypto exchange OKX has reached a $25 billion valuation following an investment from the parent company of the New York Stock Exchange. The investment signals growing institutional interest in digital asset trading platforms. It also highlights increasing collaboration between traditional financial institutions and crypto infrastructure providers.
Source
Ripple Adds Coinbase Crypto Futures to $3T Trading Platform
Ripple has integrated Coinbase crypto futures into its $3 trillion clearing and trading platform. The addition expands institutional access to digital asset derivatives within Ripple’s infrastructure. The move reflects rising demand for regulated crypto trading tools among institutional investors.
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OKX Launches Social Trading Platform for Crypto Investors
OKX has introduced a social platform that allows users to link posts directly to live trades. The feature blends social media with trading activity, enabling investors to share strategies and market insights. Social trading tools are becoming increasingly popular within crypto platforms seeking higher engagement.
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ZeroHash Applies for National Trust Bank Charter
Crypto infrastructure firm ZeroHash has applied for a national trust bank charter with the U.S. OCC. The application reflects a broader trend of crypto firms seeking formal regulatory frameworks and banking capabilities. Approval could strengthen the company’s ability to provide compliant digital asset services.
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Vancouver Moves to Drop Bitcoin Reserve Proposal
Vancouver officials are moving to close a proposal that would have created a municipal Bitcoin reserve after legal review. Authorities raised concerns about regulatory and operational risks associated with holding digital assets. The decision highlights the cautious approach many governments continue to take toward crypto adoption.
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💼 WealthTech
Robinhood Launches Platinum Credit Card for High-Net-Worth Users
Robinhood is targeting affluent customers with the launch of a new Platinum credit card offering premium rewards and benefits. The move is part of the company’s strategy to expand beyond trading into broader financial services. It also signals a push to attract higher-value clients within the wealth and fintech ecosystem.
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⚖️ Regulation
Hashgraph Selected for Australia’s Project Acacia Infrastructure
HashSphere, developed by Hashgraph, has been selected as an infrastructure provider for Australia’s Project Acacia initiative. The project explores digital asset frameworks and financial market innovation. The selection highlights growing interest in blockchain technology within government-backed financial infrastructure projects.
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💡 Fintech
Google’s Universal Commerce Protocol Gains Support from Splitit
Splitit has announced support for Google’s Universal Commerce Protocol (UCP), designed to enable AI-driven agentic commerce. The integration allows installment payments to be linked directly to card transactions within automated purchasing flows. The move highlights the growing intersection between AI agents and digital commerce infrastructure.
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HSBC and Citi Invest in Capital Markets Tech Firm Adaptive
HSBC and Citi have made a strategic investment in Adaptive, a fintech focused on capital markets technology. The funding aims to accelerate innovation in trading systems and financial infrastructure. It demonstrates continued collaboration between major banks and fintech providers in modernizing capital markets.
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Moneyview Files for $178M IPO
Accel-backed fintech unicorn Moneyview has filed for a $178 million initial public offering. The company provides digital lending and financial services to consumers in India. The planned listing reflects growing maturity among fintech startups in emerging markets.
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📊 Other
Prediction Market Data Feed Targets Digital Asset Trading
Exegy and Strands have partnered to develop data feeds for prediction markets and digital asset trading. The collaboration aims to provide advanced analytics and market data for emerging financial products. The initiative highlights the expanding infrastructure supporting new digital trading ecosystems.
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PhonePe Eyes $10.5B Valuation Ahead of IPO
Walmart-backed fintech giant PhonePe is targeting a $10.5 billion valuation as it prepares for a public listing in India. The IPO could become one of the largest fintech listings in the region. Investors are closely watching the deal as a potential signal of renewed momentum in fintech public markets.
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The Rise of Digital Banking in Modern Finance
Digital banking continues to reshape the financial sector by offering faster, more accessible services to consumers. Fintech innovation and mobile-first platforms are driving rapid adoption worldwide. The trend underscores how technology is redefining the competitive landscape of modern banking.
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