Revolut Aiming to Disrupt the Status Quo in Asian Fintech

revolut cfte event

Romain Wolff, Head of CFTE’s Asian Operations, speaks at the event jointly held with Revolut.

Industries are constantly finding themselves refreshed with radical, new successes and sudden newcomers. Sometimes this happens with relative slowness; the too-big-to-fail incumbents holding off rising competition in a stagnant market. In other times however, the market transitions in more abrupt fashion, as exciting upstarts (read: startups) enter the fray with novel new ways of satisfying consumer needs that current market leaders simply can’t match.

Fintech is a great exemplar of such an industry shift, as countless new companies begin to offer more accessible financial services to the masses than their traditional banking counterparts. While undoubtedly a worldwide phenomenon at this point, there can be no doubt in stating Asia is a particular hotbed of innovation for the industry. As we’ve recently covered in our discussion, incidentally available here, with Janos Barberis (founder of Asia’s largest FinTech Accelerator, SuperCharger) – the continent presents a unique market proposition: millions of unbanked and countless without consistent financial savings. So, a market ripe for disruption (if approached in the right manner) and with many progressive solutions hoping to dominate the space. What can a startup do to thrive in this space? Earlier this month, CFTE co-hosted a discussion with Revolut at their Singapore office discussing these themes.

How Revolut is Scaling in Asia

The event, one of several we’ve held in the nation, kicked off on January 23rd with an introduction from CFTE’s Head of Asian Operations, Romain Wolff. He impressed upon the audience our mission:

To provide the right skills, knowledge, and network for those who will be shaping the financial industry.

Revolut then took the stage as Sarveen Chester, the firm’s country manager for Singapore, detailed how the UK-based Fintech company approaches its route to market. One of the fastest-growing Fintech startups in Europe, up to “3.5 million users” and “about 400,000 daily users”, according to Chester, he noted how Revolut’s users have been their “greatest advocated.” He explained

We got up to 3 million users without marketing; just by word of mouth.

revolut-cfte-sarveen-chester

Revolut’s Sarveen Chester addressing the audience.

He explored their value proposition, nothing how their virtual cards can “be tagged to your virtual accounts like Uber, Amazon, Deliveroo – which means you can easily cancel card details as and when you see fit.”

He added how the company has taken the virtual card to a ‘whole new level’:

We’ve seen an increase in online fraud credit and card fraud and we wanted to take that and put an extra security layer for all our users. We made the virtual card are disposable. So let say you want to buy something from a website and you see that the website is sketchy but you really want that thing from the website… What you can do is use our virtual disposable card. You would put in the details in as per normal on the website and once the payment goes through, these card details will be reshuffled within the Revolut app. It’s one-time use and super secure. The reason why we are doing this is that we’ve seen a lot of hacking recently. Especially the hacking with the Marriot hotel, the Cathay Pacific breach, British Airways: credit cards details have been compromised. If you use the disposable credit card and let say if your organisation gets hack, these 16-digits are virtually useless.

The evening also included an interview with Markus Gnirck, co-founder of Tryb, and a memorable section in which he and Sarveen Chester fielded questions from those in attendance, who were also treated to a robust networking session to conclude the night.

Interested in a first-hand look at the event? You can rewatch the evening’s action here! And as always, for the latest developments on future events in and around Fintech, check out our updated Events Calendar, and subscribe to our weekly newsletters below!

Subscribe to our Weekly Newsletter

Revolut Aiming to Disrupt the Status Quo in Asian Fintech

revolut cfte event

Romain Wolff, Head of CFTE’s Asian Operations, speaks at the event jointly held with Revolut.

Industries are constantly finding themselves refreshed with radical, new successes and sudden newcomers. Sometimes this happens with relative slowness; the too-big-to-fail incumbents holding off rising competition in a stagnant market. In other times however, the market transitions in more abrupt fashion, as exciting upstarts (read: startups) enter the fray with novel new ways of satisfying consumer needs that current market leaders simply can’t match.

Fintech is a great exemplar of such an industry shift, as countless new companies begin to offer more accessible financial services to the masses than their traditional banking counterparts. While undoubtedly a worldwide phenomenon at this point, there can be no doubt in stating Asia is a particular hotbed of innovation for the industry. As we’ve recently covered in our discussion, incidentally available here, with Janos Barberis (founder of Asia’s largest FinTech Accelerator, SuperCharger) – the continent presents a unique market proposition: millions of unbanked and countless without consistent financial savings. So, a market ripe for disruption (if approached in the right manner) and with many progressive solutions hoping to dominate the space. What can a startup do to thrive in this space? Earlier this month, CFTE co-hosted a discussion with Revolut at their Singapore office discussing these themes.

How Revolut is Scaling in Asia

The event, one of several we’ve held in the nation, kicked off on January 23rd with an introduction from CFTE’s Head of Asian Operations, Romain Wolff. He impressed upon the audience our mission:

To provide the right skills, knowledge, and network for those who will be shaping the financial industry.

Revolut then took the stage as Sarveen Chester, the firm’s country manager for Singapore, detailed how the UK-based Fintech company approaches its route to market. One of the fastest-growing Fintech startups in Europe, up to “3.5 million users” and “about 400,000 daily users”, according to Chester, he noted how Revolut’s users have been their “greatest advocated.” He explained

We got up to 3 million users without marketing; just by word of mouth.

revolut-cfte-sarveen-chester

Revolut’s Sarveen Chester addressing the audience.

He explored their value proposition, nothing how their virtual cards can “be tagged to your virtual accounts like Uber, Amazon, Deliveroo – which means you can easily cancel card details as and when you see fit.”

He added how the company has taken the virtual card to a ‘whole new level’:

We’ve seen an increase in online fraud credit and card fraud and we wanted to take that and put an extra security layer for all our users. We made the virtual card are disposable. So let say you want to buy something from a website and you see that the website is sketchy but you really want that thing from the website… What you can do is use our virtual disposable card. You would put in the details in as per normal on the website and once the payment goes through, these card details will be reshuffled within the Revolut app. It’s one-time use and super secure. The reason why we are doing this is that we’ve seen a lot of hacking recently. Especially the hacking with the Marriot hotel, the Cathay Pacific breach, British Airways: credit cards details have been compromised. If you use the disposable credit card and let say if your organisation gets hack, these 16-digits are virtually useless.

The evening also included an interview with Markus Gnirck, co-founder of Tryb, and a memorable section in which he and Sarveen Chester fielded questions from those in attendance, who were also treated to a robust networking session to conclude the night.

Interested in a first-hand look at the event? You can rewatch the evening’s action here! And as always, for the latest developments on future events in and around Fintech, check out our updated Events Calendar, and subscribe to our weekly newsletters below!

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2019-01-28T11:30:13+00:00