Revolut, a British fintech leader, expanding to Manila with new tech hub

British financial technology (fintech) giant Revolut is set to enter the Philippine market by establishing its second Global Tech Hub in Asia, aiming to reach 100 million customers worldwide.

In a statement released on Wednesday, July 30, the Department of Finance (DOF) announced that Finance Secretary Ralph G. Recto secured Revolut's entry into the local market through dialogues with foreign investors.

Recto engaged with foreign investors in London, UK, last year and in Davos, Switzerland, and Manila this year, promoting the Philippines as a rising hub of global fintech innovation.

During his visit, Revolut Southeast Asia CEO Raymond Ng committed to accelerating the firm's operations in the Philippines, citing the country's young, talented, and tech-savvy population.

Recto highlighted that the tech hub in Manila will create high-quality jobs, enhance digital capabilities, and provide Filipinos with advanced financial tools, a result of global roadshows converting investment pledges into reality.

Revolut expressed confidence in the country's economic momentum and talent pool, stating that the hub will upskill the digital workforce and contribute to building a future-ready digital economy.

The decision to establish in Manila was announced after the recent Philippine Economic Briefing in London, where Recto promoted the country's investment fundamentals and digital shift.

Revolut's upcoming Manila tech hub will be its second in Asia, following the launch of its first in India in 2021. With a presence in major Asia-Pacific markets, Revolut's entry in Manila is expected to support its expansion in Southeast Asia.