Digital banking platform and global fintech Revolut announced on Wednesday the launch of its first interest-bearing product in Singapore called Flexible Accounts. The new offering allows customers to earn up to 5.21% annual percentage yield (APY) on their savings with no minimum deposit required.

Revolut Launches High-Yield Savings Product in Singapore

Flexible Accounts invest customer deposits into USD-denominated money market funds (MMFs) managed by global asset manager Fidelity International. These low-volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad Read this Term funds hold a diversified portfolio of short-term debt instruments. Interest is accrued daily and customers have the flexibility to add or withdraw money at any time.

"With the cost of living rising, making your money work for you has never been more important," said Raymond Ng, CEO of Revolut Singapore. "We are delighted to offer a simple way to grow our customers' funds through a low-risk money market fund."

To promote the new product, Revolut is offering a special up to 5.48% APY to all customers until July 31, 2024. Those who invest at least $2,500 for 31 days will also receive a $25 cashback bonus. Under normal conditions, users can expect an APY of up to 4.61% (standard customers), 5.06% APY (premium customers), and 5.21% APY (metal customers).

Revolut launched Flexible Accounts in #Singapore. The account lets customers invest in money market funds and receive interest up to 5.45% for USD, 5.25% for GBP and 3.95% for EUR depending on the users' Plan.

— Max Karpis (@maxkarpis) May 29, 2024

Success from Other Markets Reaches Singapore

The launch comes as Revolut looks to expand its footprint in the Asia-Pacific region, where the company Landed for the first time in 2018. A year later, it officially launched in Singapore, which now becomes the first market in the region where the UK-based fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term offers this type of savings product. Revolut reports that its similar European offering has attracted over £3 billion in assets under management since launching last year.

"The digital revolution is changing the financial system, and we are excited to work with Revolut to bring this solution to investors in Singapore," said Sabrina Gan, Head of Southeast Asia at Fidelity International, managing the funds.

A recent survey conducted by Revolut in collaboration with research firm YouGov, which included a representative sample of 1,000 Singaporeans aged 18-65+, revealed that MMF investments are more popular among the younger generation. Specifically, 35% of Millennials (born 1981-1996) and 34% of Generation X (born 1965-1980) preferred MMF investments.

On Tuesday, Finance Magnates reported that Revolut announced the expansion of its international transfer feature and introduced 14 new payment methods across nine different African countries. Meanwhile, the company launched Revolut X, a cryptocurrency exchange designed for professional traders.