Marketing Featured Southeast Asia

DBS, POSB most ‘considered’ banking brands by SG consumers

Singapore – In its recently released Bank and Payment Brand Rankings 2022, market research company YouGov unveiled that local banks DBS and POSB have snagged the top spot in Singapore. 

DBS led the list with a total score of 41.0, followed by POSB at 34.2 points. Digital payment company VISA came in third place with a score of 26.8 while Singaporean bank OCBC followed closely at 26.1.

Completing the top ten is Mastercard at 25 points, commercial bank UOB with 22.9 points, Paypal with 22.1 points, Citibank with 14.7 points, Standard Chartered Bank with 12.5, and American Express at 9.8 points. 

YouGov also revealed the most improved brands in the financial services sector, including Paypal and digital banking app Revolut, both with a +1.1 change in score. Other banks on the list are Mastercard and UOB, who had improved scores of +0.3 each.

The rankings are based on YouGov BrandIndex’s positive consideration score, which measures the percentage of a brand’s customers who would consider it when next in the market to make a purchase.

The brands were ranked between October 1, 2021, and September 30, 2022. Moreover, the scores were rounded to a single decimal place with additional precision to assign ranks.

Meanwhile, the improvers were determined by their change in score between the said period and the previous twelve months. 

YouGov has also previously released the overall brand rankings in Singapore, unveiling Singapore Airlines as the top brand for 2022.

Platforms Featured Southeast Asia

Revolut welcomes Raymond Ng as new CEO for Singapore

Singapore – Global financial superapp Revolut has appointed Raymond Ng, chief commercial officer at Liquid Group, to be its new CEO for Singapore. This follows Revolut’s recent launch of its crypto products in Singapore.

In his new role, Ng will be focusing on leading and building the next chapter of Revolut’s expansion in Singapore, developing and implementing the local business strategy. 

During his previous stint at Liquid Group, Ng managed product and business development and global expansion. He also held senior executive roles with large global corporations such as Microsoft, Visa, and MasterCard, as well as with tech startups.

Revolut said it is committed to establishing Singapore as one of the cornerstones of its global business and plans to establish several global product hubs.

Commenting on his appointment, Ng said, “I’m thrilled to lead the exceptionally talented team and bring Revolut’s super app offering to Singapore as we continue to develop the best financial solutions for millions in Singapore, especially those who are looking for hassle-free digital alternatives to get more from their money.”

Meanwhile, Nik Storonsky, CEO and founder of Revolut, noted, “With a wealth of experience in the mobile, payment and travel tech sectors and an outstanding track record in scaling the business across new markets in the APAC region, Raymond is an excellent fit for the role and his appointment is a major achievement in our continued mission to become the world’s first truly global financial superapp.” 

In April 2022, Revolut has appointed Charles Debonneuil as APAC general manager as it continues to focus on growth in the APAC region. Debonneuil will focus on building out Revolut’s local Growth teams and developing the business’ growth strategy, driving rapid new user acquisition in the APAC region.

Marketing Featured Southeast Asia

Revolut appoints Charles Debonneuil as GM for APAC

Singapore – Revolut, a global financial superapp, has appointed Charles Debonneuil as APAC general manager as it continues to focus on growth in the Asia-Pacific region. Debonneuil will focus on building out Revolut’s local Growth teams and developing the business’ growth strategy, driving rapid new user acquisition in the APAC region.

Debonneuil holds a Masters’ in Management from HEC Paris, during which he also studied at the Wharton School of Business in USA and Tsinghua University School of Economics and Management in China.Prior to joining Revolut‘s APAC team, Debonneuil was thepresident of Intrepid Group, a prominent e-commerce solutions provider for global clients, where he oversaw the growth of the company to over 300 workers across Asia.

Debonneuil is also a co-founder and former chief marketing officer of Lazada,thee-commerce platform in Southeast Asia that was acquired by Alibaba in 2016. He oversaw the growth of the business which today boasts approximately 160 million Monthly Active Users across 6 countries.

On his appointment, Debonneuil said, “I’m delighted to join the Revolut team. Revolut’s mission to build a global financial superapp is very exciting, and I’m looking forward to enabling more users in APAC to benefit from Revolut’s product, which is at the forefront of global fintech.”

Meanwhile, Ankit Khemka global general manager and head of marketing at Revolut, said, “We’re thrilled to welcome Charles to Revolut as we double down on our commitment in the APAC region. As we continue to deliver more of our core products to the region, Charles’ extensive expertise is a valuable addition in helping us scale our presence in the Asia-Pacific market and getting our global superapp into the hands of more customers.”

Platforms Featured South Asia

UK-based fintech Revolut expands to India, names new CEO

Mumbai, India – Global financial superapp Revolut has appointed Paroma Chatterjee, former chief business officer of online financing company Lendingkart, to be its new CEO for the India team, as it expands its market presence in the country this year.

Chatterjee is a renowned leader in the fintech and consumer tech industry. She has held senior executive roles for various companies including travel agency, e-commerce company Flipkart, and telecommunications enterprise Airtel Money. In her new role, Chatterjee will be responsible for building and leading Revolut’s subsidiary in India. She will also be defining and implementing the fintech’s business strategy, as well as hiring a team and managing license applications and any potential acquisitions in the market.

According to Revolut, the fintech is making a multi-million-pound investment in India over the next five years and has committed to the creation of around 300 new jobs in the country to serve its global business operations. Furthermore, it has also recruited heads of operations and legal for the country and is leveraging India’s strong talent pool to recruit across multiple functions such as human resources, finance, growth, marketing, recruitment, and compliance, as well as risk, and technology.

Commenting on her appointment, Chatterjee said, “It is an honor and a privilege to be asked to lead the business for such a world-class company, in a country that presents one of the largest opportunities globally for Revolut. I look forward to building an exceptionally talented team and working with them, as we continue to develop superlative financial solutions for millions of consumers in India.”

Meanwhile, Nik Storonsky, the CEO and founder of Revolut, commented that Paroma is an excellent fit for the role and her appointment is a major achievement in Revolut’s continued mission to become the world’s first truly global financial super app. 

“We’re looking forward to transforming the way people in India access and manage their money as we bring our products and services to more people around the world. India is a core market in our expansion strategy with a huge supply of talent, and we’re excited to tap into that talent pool to help Revolut go from strength to strength,” said Storonsky.

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.

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.

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.

Platforms Featured Southeast Asia

Revolut launches web app, new top-up feature

Singapore – UK-based fintech company Revolut in Singapore has recently announced the launch of two features in their platform: the Revolut Web App and Revolut account top-up via bank transfer.

Revolut’s latest web app, accessible in laptop and desktop computers.

The first one, Revolut Web App, now allows users to log in to their Revolut account via their desktops or laptops. Users signing in through the web app are protected by Two-Factor authentication (2FA), and can also overview transactions, freeze or unfreeze cards, block their PIN, and top up their account via bank transfer, debit or credit card, or via Apple Pay.

Commenting on the new launch, Revolut CEO and founder Nik Storonsky said, ““Account access through a browser is highly requested by our customers, so we’re delighted to have built a safe and convenient web app that everyone can use when they need it. Our customers can now access their money anywhere and at any time, even if they don’t have their phone or card, or if they simply prefer checking their account from a computer. It’s great to have the extra convenience and flexibility of an online option.”

A user interface depiction of Revolut’s mobile app dashboard, featuring topping up the account via bank transfers, such as DBS Bank in Singapore.

Meanwhile, Revolut has also partnered with DBS Bank in Singapore in enabling its customers to top up their wallets via bank transfers. With the new partnership, Revolut is able to assign a unique 15-digit virtual account number to each customer in Singapore, in which the customer transfers money to their virtual account from their bank, and the amount is reflected in their Revolut app.

James Shanahan, CEO of Revolut Singapore, said, “The goal here is to enable customers to manage their money in a way they find most convenient for their lifestyles. With virtual accounts, Revolut Singapore is able to collect payments from a large number of customers and still easily keep track of their transfers. This process will give our customers peace of mind, thereby improving overall user experience.”

Head of Growth at Revolut Singapore Pam Chuang also commented, “Topping up via your local bank account is fast and convenient. With the virtual account feature, Revolut is, once more, able to help our customers better manage their money. When we introduce new wealth and money-management products, this will give our customers visibility of how they are using their money.”

Technology Featured Southeast Asia

Revolut keys in two new hires for SG growth team expansion

Singapore – UK-based fintech company Revolut is expanding its Singapore regional team by adding two more key persons to the company’s local growth team.

Sam Chui is Revolut Singapore’s new senior marketing manager, wherein she will be responsible for leading new marketing initiatives and exploring new creative ways to engage with potential customers. Prior to her current position, she has worked previously with marketing brands for UOB, Singtel, and Eu Yan Sang.

“Revolut has been sinking its roots deep into the local market and the opportunity to help drive its growth in the years to come greatly excites me,” Chui says.

Meanwhile, Deborah Tan-Pink, former CEO of edtech startup SmartUp, joins the company’s local rank as senior communications manager, where she will be responsible for brand awareness, media, and public/private organization connections.

“I’m excited to see what wonderful stories we can build around Revolut and its services,” she says. “We mustn’t forget that, ultimately, a customer needs to see how a service fits into their lifestyle and personal aspirations,” Pink stated.

Both of the two new hires will report to Pam Chuang, Revolut Singapore’s head of growth.

With the regional branch of Revolut reaching its first anniversary, Revolut Junior, an app for teaching kids on financial management and Revolut Business, an app for opening business bank accounts, are some of the upcoming services the company will offer this year.

Technology Featured Southeast Asia

Fintech Revolut to offer products from micro-insurance provider SNACK

Singapore – Fintech Revolut in Singapore has tied up with micro-insurance provider SNACK to offer its products to its customers. 

Developed by direct insurer NTUC Income, SNACK’s main value proposition is “bite-sized” lifestyle insurance products that can be availed through small premium contributions starting at S$0.30. It offers three main types of policies, namely, life, critical illness, and personal accident protection. 

The “lifestyle-based” in their products refers to the unique way in which SNACK enables individuals to purchase a policy whenever they perform a daily activity or its so-called “lifestyle trigger.” These activities include petrol top-ups, groceries, and dining out. Whenever an activity is completed, a micro-insurance policy will be issued and the premium will be charged to the selected payment mode on SNACK. The coverage grows each time the person completes a trigger, and the sum of all effective policies at that point in time becomes the total coverage amount.

In celebration of the partnership, SNACK will be offering a one-time free S$500 insurance coverage to all Revolut customers who will successfully register on SNACK.

On a LinkedIn post, Revolut’s Head of Growth Pam Chuang said that the partnership allows the company to create a better connected digital ecosystem that leverages the strengths of each other’s platform. 

“SNACK’s modular approach to bite-sized microinsurance fitted to lifestyle needs complements Revolut’s all-in-one personal financial super app, optimizing the customer experience to drive greater empowerment with today’s digital-first lifestyle, where convenience, customization, and flexibility are key,” wrote Chuang.

Revolut was first launched in the UK in 2015. It offers services such as money transfer and exchanges as well as budget planning.