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UK-based Fintech Revolut announced Tuesday that it has named James Shanahan, formerly chief operating officer (COO) of Insurtech Singapore Life, as its chief executive officer of Singapore to lead the growth of its business in Asia.
The firm also hired former Credit Suisse managing director Rayson Tan as its new chief compliance officer, chief risk officer and chief legal officer in Singapore. Pam Chuang, formerly vice president of sales and partnerships for fintech GoBear, has also joined Revolut as her new growth head.
These recent hires come as Revolut aims to bring its full suite of products to Singapore, Japan and Australia by the end of the year. “Our ambition is to achieve product parity in (these countries) by the end of the year. We are accelerating the launch of our products in this part of the world and have dramatically increased discussions with our product teams in Europe and the UK” . Shanahan said The Business Times In an interview.
Shanahan joined Revolut in March 2020. Prior to his new role, he was Chief of Staff for Railsbank Technologies in Southeast Asia and COO of Singlife. He has more than 25 years of experience with banks, insurers and third parties predominantly in Asia, including ANZ Bank, Avaloq, Standard Chartered, AXA Insurance and Accenture. He led new business launches, mergers and acquisitions, strategy, technology and operations in Hong Kong, Singapore, South Korea, Taiwan, Thailand and Australia, Revolut said in a statement.
On the compliance front, Tan brings over 20 years of financial services experience to Revolut. Previously, he was managing director in Credit Suisse’s compliance and regulatory affairs department, and has extensive experience in creating and leading compliance programs in financial services in investment banking, private banking, corporate banking, as well as asset management.
Mr. Tan has also played various roles in AML (anti-money laundering) and country, regional and global sanctions at Deutsche Bank and UBS Investment Bank.
“Compliance risk has become a major concern for financial institutions globally. I firmly believe that by further developing the strength of the company’s compliance program, we can ensure that compliance at Revolut is an advantage distinctive competitive for the company. ” said.
With nearly two decades of experience in financial institutions across Asia, Ms. Chuang participated in the expansion of Fintech GoBear in Southeast Asia and Hong Kong before taking on her new role as head of growth at Revolut. He has also held leadership roles at various companies, including AIA Group, ReMark International, Saxo Bank, and Aon.
Globally, Revolut has accumulated more than 12 million customers and raised more than $ 800 million in funds at a valuation of $ 5.5 billion. In Singapore, the firm has around 65,000 users and more than 30 employees since it launched in October 2019.
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