Asean Digest: Revolut opts out of virtual banking in SG; Traveloka adds to Thai bouquet

UK-based fintech firm Revolut is said to have exited from the digital banking licence race in Singapore, while Traveloka has partnered with local film theater operators to launch movie bookings in Thailand.

Revolut exits from digital banking licence race in Singapore

A UK-based fintech firm Revolut is the latest company to withdraw from the race to secure digital banking licenses in Singapore, Business Times reported, quoting the startup’s CEO Nikolay Storonsky.

Revolut is following the footsteps of cross-border payments startup Nium, which was the first firm to bow out from the race. The minimum paid-up capital requirement is said to be the main reason behind the move.

Monetary Authority of Singapore (MAS) requires companies applying for a digital banking licence to at least have a minimum of $11 million in paid-up capital at the restrictive stage and $1.1 billion after three to five years commencement.

Several companies are still in the race to secure the digital banking licence including GrabPay, used car marketplace Carro, Singapore Telecommunications and gaming hardware maker Razer Inc.

Traveloka launches movie booking in Thailand

Jakarta-based lifestyle and traveling service platform has launched a new movie booking feature in partnership with Thailand’s largest movie theatre operator Major Cineplex Group, the company announced on Tuesday.

“This launch also showcases the importance of Thailand and the inroads that we have made in this exciting market. We will continue to bring forth more exciting products and services in Thailand to further establish Traveloka as its comprehensive travel and lifestyle platform,” Traveloka Group Operations President Henry Hendrawan said in a statement.

Traveloka Xperience has a presence in Thailand, Indonesia, Vietnam, Malaysia, the Philippines, Singapore, and Australia.

The company claims that Traveloka Xperience provides more than 20,000 travel and lifestyle products in 300 destinations worldwide.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.