Revolut, a global neobank with over 50 million users, has introduced joint accounts in Singapore to simplify financial management for different types of duos.
This includes partners, family members, housemates, and even domestic helpers to simplify spending on groceries and household items.
This move is in response to the findings of a recent study conducted by. Revolute More than 70% of couples in Singapore are facing financial hardship, the highest proportion of any APAC market surveyed including Australia, New Zealand and Japan, it found.
The survey, which surveyed more than 1,000 Singaporeans aged 18 to 65, found that financial instability and unexpected expenses are causing stress for 34% of couples.
Disagreements over the budget, cited by 30% of respondents, are also a common issue, making Singapore a hotspot for spending disputes.
Other challenges include disagreements over long-term financial planning (24%), unequal contributions (23%), and difficulty tracking shared expenses (23%).
The survey also revealed strong demand for tools to manage shared finances.
Half of respondents considered automatic bill reminders essential, 40% valued advanced analytics to track spending patterns, and 38% wanted bill splitting features with reminders.
Revolut’s joint accounts aim to address these issues by providing users with an additional account within the Revolut app that can be jointly owned by two individuals.
Users can set up an account in three steps, eliminating the need for traditional banking procedures.
This feature includes tools like expense tracking with multi-currency capabilities, budgeting assistance, bill split reminders, and more.
Over 800,000 users already use joint accounts in markets such as the UK, Europe, Australia and New Zealand, and Revolut aims to replicate this success in Singapore.
Ashley Thomas, Head of Strategy & Operations, Revolut Singapore said:
“We are excited to introduce joint accounts as we continue to innovate and expand our services to meet the evolving needs of our customers in Singapore.
Whether you’re saving for a vacation with your partner or helping your elderly parents with living expenses, joint accounts offer duos of all kinds unparalleled convenience, seamlessness, transparency, and flexibility when it comes to spending your day-to-day money. Provides management. ”
Featured image credit: Edited from freepic
