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Platforms Featured Southeast Asia

Revolut SG launches Junior account to promote good money habits among minors

Singapore – Fintech superapp Revolut in Singapore has launched ‘Revolut Junior’ feature, or simply ‘Junior’, to customers in Singapore, which allows parents to create an account for their kids aged 7-17 years old. 

Revolut Junior is an account, card, and app that parents can control from their own app. Since Junior was launched in the US, UK, Australia, and wider Europe last year, approximately 10,000 Junior accounts are being created each week, according to Revolut.

Through this new feature, parents can send money to their kid’s Junior account, and track their spending through spending alerts for their kids online and physical in-store payments. Freezing and unfreezing their kids’ card is also doable on the account to secure their account in the event of card loss.

Pam Chuang, Revolut Singapore’s head of growth, stated that 7 is the perfect age for kids to learn how to manage their money. 

“In Revolut Junior, parents will find the perfect platform to talk about topics such as goal-setting, budgeting, and responsible spending,” she said. 

Meanwhile, Kunal Chatterjee, country manager for Visa in Singapore and Brunei, which has partnered with the fintech for the Junior card, said that being equipped with financial literacy skills will empower children and teenagers to manage their finances better when they enter the workforce in the future and learn how to use digital payments wisely. 

“Digital technology usage is prevalent among young children and teens who are extremely technology savvy. At Visa, we believe the importance in educating youths on money management skills and digital payments usage starting from a young age and parental guidance is crucial. That is why we are extremely excited to partner with Revolut to launch the Revolut Junior account, which enables parents to transfer money to their children’s accounts seamlessly while having visibility of how they are spending online, and in stores,” said Chatterjee. 

Creating a Junior account is free. Standard customers can create 1 Junior account, while Premium customers can create 2, and Metal customers, 5.

Premium and Metal customers will also enjoy additional features such as ‘Co-Parent’, where 2 adults can send money to and help manage the Junior account, and ‘Tasks’, where parents can reward their children for completing chores. Other features include ‘Weekly Allowance’, where pocket money is automatically added to the Junior account, and a feature called ‘Goals’, where children can save up their spare change to help with a future purchase or target.

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Platforms Featured Southeast Asia

Revolut’s new feature lets users donate spare change to charities

Singapore – The Singaporean arm of fintech platform Revolut now has a ‘donation’ feature which enables them to instantly round up their card payments and donate their spare change to charity. 

Through the new service, customers have the option to make a one-off donation or set up recurring contributions, which can be terminated at any time. Donations have no minimum amount. 

The new ‘donation’ feature will initially start off with three local-based charity groups: The Singapore Red Cross, The Singapore Cancer Society, and Club Rainbow (Singapore). Revolut said it will be adding more charities in the platform over the course of this year.

“Supporting social causes is both important to us as a business, and to many of our customers. Complicated sign up processes and scary commitments can put a lot of people off, so we wanted to build a feature that would enable our customers to support good causes in a seamless and secure way,” said James Shanahan, CEO of Revolut Singapore

Revolut has been recently ramping up its new features for the platform, including sending e-hongbaos for the upcoming Chinese New Year, the enabling of bank top-ups and the launch of its web app.

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Platforms Featured Southeast Asia

In spirit of Chinese New Year, Revolut SG users can now send e-hongbaos

Singapore – In response to encouragement from the Monetary Agency of Singapore to give electronic hongbaos instead of physical ones in the upcoming Chinese New Year celebration, financial app Revolut  has now enabled the sending of e-hongbaos using its Gifting feature.

The handing of Hongbaos is a tradition in several East and Southeast Asian countries which are red envelopes containing cash, given out as a token of good fortune in occasions such as baptisms, weddings, birthdays and festivals. 

Under Revolut’s new e-hongbao feature, users can send in 28 currencies, including Australian dollars (AUD), Hong Kong dollars (HKD), United States dollars (USD) and the British pound sterling (GBP). The e-hongbaos will also feature special designs provided in the Gifting platform.

“With the Monetary Authority of Singapore encouraging people to give e-hongbaos instead of physical ones for Chinese New Year, it has become a necessity to make it easy for everyone to give hongbaos in a safe, frictionless and fun way, said James Shanahan, CEO of Revolut Singapore.  

“Revolut has expanded beyond our origins as a multi-currency travel card. Our foreign exchange (FX) feature can be used for remittance, gifting, and online shopping, where customers will always be assured they are getting the best exchange rates,” added Shanahan.

The e-hongbao feature on Revolut SG will be available on February, the month for the Chinese New Year.