Revolut Singapore predicts a 70% uptick in local and cross-border electronic cash-gifting as people find themselves unable to visit relatives and friends like they used to during the Chinese New Year period.
Revolut customers here will be able to send e-hongbaos using specially designed wrappers provided in-app in the Gifting feature.
Gifting allows customers to send electronic cash-gifts in any of the 28 in-app currencies, which include AUD, HKD, USD, and GBP.
With the exception of a few illiquid currencies, Revolut does not charge its customers any fees for exchanging and transferring money during normal London FX hours. It also offers the best FX rates to customers by using spot exchange rates.
James Shanahan, CEO of Revolut Singapore, says:
“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. Revolut has expanded beyond our origins as a
multi-currency travel card. Our FX feature can be used for remittance, gifting, and online shopping, where customers will always be assured they are getting the best exchange rates.”
Some data for your consideration:
1. Cash-gifting in Singapore rose 67% over the Christmas season of 2020. 60% of these transactions were cross-border and went to recipients in countries such as the United Kingdoms and Australia
2. In all, Revolut Singapore customers made over S$4.5 million in local and cross-border cash transfers and electronic cash-gifting during this period
3. Revolut Singapore predicts a 70% uptick in local and cross-border cash-gifting for Chinese New Year 2021
James Shanahan will be able to share exclusive quotes on domestic and cross-border P2P transfer trends during the Chinese New Year period. If you’re working on Singapore fintechs’ response to MAS’ call for innovative ways to give hongbaos for Chinese New Year, we’ll appreciate it if you can keep Revolut Singapore in mind.