Operating in Singapore requires fintech companies to meet exceptionally high regulatory and governance standards. In this interview, Claudia Hui, Head of Compliance, Singapore at Revolut, discusses how compliance is embedded into business decision-making, what distinguishes the Singapore regulatory landscape, and how responsible innovation can be achieved in a strict yet forward-looking environment.
Singapore’s Regulatory Landscape and Compliance Challenges
Singapore is often considered to be one of the most demanding regulatory environments in the world. What makes leading compliance for Revolut in Singapore unique compared to other markets?
Singapore’s regulatory environment is widely recognised for its high standards, clarity of expectations, and strong emphasis on the safety and stability of the financial system.
Leading compliance here is unique because MAS places significant emphasis on sound governance, effective risk management, and demonstrable outcomes, rather than purely procedural compliance.
This requires compliance to be embedded into product development, technology design, and operational decision-making from an early stage. In practice, this means close coordination between local leadership, global teams, and control functions to ensure that regulatory expectations are consistently met and evidenced. This emphasis on outcomes and sustainability aligns well with Revolut’s long-term approach to the Singapore market.
What is the most underrated compliance challenge fintechs face when entering Singapore for the first time?
One commonly underestimated challenge is the level of operational maturity expected at an early stage.
MAS looks beyond the presence of policies, focusing on whether controls are effective, well governed, and supported by clear accountability. This often means institutions need strong internal coordination and ongoing investment in compliance and risk management capabilities.
Compliance, Innovation, and Platform Complexity
Do you see innovation in fintech moving faster than regulators can respond, and how should the industry manage that gap?
MAS has consistently demonstrated a forward-looking and engaged approach to fintech innovation.
From an industry perspective, firms have a responsibility to ensure that innovation is introduced in a safe and sustainable manner, with appropriate risk assessments, controls, and supervisory engagement. Responsible innovation depends on continuous dialogue with regulators and a shared commitment to financial stability and consumer protection.
In your view, how does the APAC approach to fintech regulation differ from practices in Europe and the United States?
While regulatory approaches naturally differ across regions, APAC — particularly Singapore — places strong emphasis on preventive risk management, supervisory engagement, and institutional resilience.
This approach encourages firms to demonstrate readiness and robustness early, which supports long-term stability and confidence in the financial system.
Why has Singapore emerged as one of the most advanced and rigorous hubs for digital finance and regulatory policy?
Singapore benefits from a well-defined regulatory framework, strong supervisory capability, and a consistent long-term policy vision.
MAS’s focus on both safety and innovation, supported by deep expertise in financial and technology risks, has helped position Singapore as a trusted global hub for digital finance.
Which regulatory priorities and initiatives from MAS do you consider most important for fintech companies operating in Singapore today? How does Revolut tailor its global compliance standards to meet these requirements?
Key priorities include AML/CFT, technology risk management, outsourcing arrangements, and customer protection.
Revolut applies robust global standards as a baseline and enhances them where necessary to incorporate MAS requirements, including local governance structures, risk assessments, and control frameworks aligned with MAS guidelines and notices.
Revolut aims to offer “everything in one app.” From your perspective, what is the most significant compliance challenge in developing a universal financial platform in Singapore?
The main challenge is ensuring clear risk ownership and effective controls across different regulated activities, while maintaining a coherent customer experience.
In Singapore, this requires careful structuring, strong internal coordination, and ongoing assurance that each activity meets applicable regulatory expectations.
Crypto, Partnerships, and Risk Accountability
How do you see Revolut’s crypto offering evolving in Asia, particularly in markets like Singapore, where regulation is both strict and forward-looking?
In markets such as Singapore, the development of crypto-related offerings must be fully aligned with the prevailing regulatory framework, including licensing, conduct, and risk management requirements.
The emphasis is on operating responsibly, with appropriate safeguards for consumers and the broader financial system.
As crypto adoption grows, how important is it for Revolut to collaborate with service providers that specialize in bridging crypto and traditional payments?
Where appropriate, collaboration with specialised service providers can support operational resilience and effective risk management.
That said, licensed entities remain fully accountable for regulatory compliance, and MAS expectations around outsourcing governance and oversight apply.
Scaling Compliance Across Jurisdictions and Looking Ahead
What are the main challenges global fintech companies face when building a unified risk management framework across multiple jurisdictions?
A key challenge is identifying what risks would benefit from having a unified control framework to address them, and what risks can only be effectively mitigated through a local lens.
While risks such as financial crime and operational resilience are universal, regulatory frameworks differ due to the local risk environment, requiring firms to carefully tailor controls to address the specific nuances identified by each regulator.
What tends to be more difficult: implementing consistent compliance standards worldwide or adapting processes to each local regulatory environment?
Both approaches are important, as they address different types of risks that may benefit from either convergence or divergence of controls. It is therefore important to identify which approach is more effective for each risk. When applied in the right context, neither should be more challenging than the other.
How can global fintech companies maintain a high level of compliance quality when they operate in dozens of countries with different regulatory expectations?
This requires strong governance, clear accountability, investment in skilled compliance professionals, and effective monitoring and assurance mechanisms.
Equally important is fostering a culture where compliance and risk management are integral to business strategy.
What is the one piece of advice you would give fintech teams that want to build a strong compliance function from day one?
Build compliance as a core capability of the organisation, not as a reactive or purely advisory function.
Early investment in experienced people, clear governance structures, and scalable controls provides a strong foundation and reduces risk as the business grows.
Which global regulatory trends do you believe will shape the digital finance landscape most in the coming years?
Key trends include increased focus on operational resilience, technology and cyber risk, consumer protection in digital channels, and governance of digital asset activities.
Globally, there is also a growing emphasis on senior management accountability and AI guardrails.
These trends are aligned with the broader objective of ensuring that innovation is accompanied by strong safeguards.
If you suddenly had a magic bullet that would solve one compliance headache across the entire APAC market, which one would you remove first?
Greater regulatory convergence on expectations and requirements where foundational risk areas are similar would help reduce complexity while preserving the high standards that regulators, including MAS, rightly expect.
