Revolut, a global neobank with over 50 million users, has introduced Joint Accounts in Singapore to simplify financial management for various types of duos.
This includes partners, family members, housemates, and even domestic helpers to simplify spending on groceries and household essentials.
This move responds to findings from a recent survey conducted by Revolut and YouGov, revealing that over 70% of Singaporean couples face financial challenges—the highest among surveyed APAC markets, including Australia, New Zealand, and Japan.
The survey, which included over 1,000 Singaporeans aged 18 to 65, highlighted that financial instability and unexpected expenses cause stress for 34% of couples.
Budget disagreements, cited by 30% of respondents, were another common issue, making Singapore a hotspot for spending conflicts.
Other challenges included disagreements over long-term financial planning (24%), unequal contributions (23%), and difficulty tracking shared expenses (23%).
The survey also revealed a strong demand for tools to manage shared finances.
Half of the respondents found automated bill reminders essential, 40% valued advanced analytics for tracking spending patterns, and 38% sought bill-splitting features with reminders.
Revolut’s Joint Accounts aim to address these issues by providing users with an extra account within the Revolut app that can be jointly owned by two individuals.
Users can set up the account in three steps, removing the need for traditional banking procedures.
The feature includes tools such as expense tracking, budgeting aids, and bill-splitting reminders, with multi-currency capabilities.
With over 800,000 users already leveraging Joint Accounts in markets like the UK, Europe, Australia, and New Zealand, Revolut aims to replicate this success in Singapore.
Ashley Thomas, Head of Strategy & Operations, Revolut Singapore, said,
“As we continue to innovate and expand our offerings to meet the evolving needs of our Singapore customers, we are excited to introduce Joint Accounts.
Whether its saving for a vacation with your partner, or helping your elderly parents with their expenses, Joint Accounts offers all types of duos unparalleled convenience, seamlessness, transparency and flexibility in managing their day to day finances”
Featured image credit: Edited from Freepik
