Hugosave Will Now Be Able to Issue Its Numberless Visa Cards

Hugosave Will Now Be Able to Issue Its Numberless Visa Cards

by December 8, 2022

Singapore-based wealth and savings app Hugosave has become a Visa Principal Member Issuing Licensee under its parent company Atlas Consolidated.

Hugosave will now be able to issue Visa cards directly as well as sponsor associate licenses under Visa.

The firm will be issuing new Hugosave Visa Platinum Debit Cards to all existing Hugosave Plus+ Account members.

Additionally, all existing clients will also receive a new Hugosave Account number. Clients’ existing Hugosave Debit Cards will remain valid until their new cards have been activated.

The new Hugosave Debit Card is a numberless debit card where details such as the 16-digit card number, expiration date, and CVV are on-demand only through the app which is secured by biometrics and PIN authentication.

Customers will need to ensure that their Hugosave Plus+ Account is funded up to S$5,000 in order to use the debit card.

Every transaction made on the Hugosave Debit Card will be rounded up to the nearest dollar.

The accumulated roundups are then swept into the client’s Gold Vault and automatically invested into physical gold.

David Fergusson

David Fergusson

“Becoming a Visa Principal Member Issuing Licensee places us alongside other key Visa clients and it is a recognition of our experience in risk underwriting and payments management.

 

This status now allows us to not only scale our Hugosave business in and beyond Singapore swiftly; it allows us to expand our business opportunities by offering our own fintech-as-a-service (FaaS) platform,”

said David Fergusson, Chief Executive Officer and Co-founder, Hugosave.

Adeline Kim

Adeline Kim

“Visa has been working with fintech partners through our Visa Fintech Fast Track programme to support them as they go-to-market to launch their products and solutions and help them scale.

 

With Hugosave becoming a principal issuer, they can now issue their own cards directly just like traditional financial institutions,”

said Adeline Kim, Country Manager for Singapore & Brunei at Visa.

 

 

 

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