Hugo launches Singapore’s first wealthcare app to help users develop healthy saving and spending habits that make financial security accessible to every Singaporean in an easy and intuitive way.
David Fergusson, Chief Executive Officer and Co-Founder of Hugo said, “We know that Money is the biggest cause of stress and Covid-19 has only reinforced how financially unprepared most of us are. We are excited to introduce Hugo at a time when financial well-being has become so relevant. The name Hugo is derived from the Mandarin word Hu which means ‘Mutual’ and the English word Go which signifies ‘Progress’. This spirit of mutual growth and prosperity is the driving force behind Hugo.”
Ben Davies, Chief Operating Officer and Co-Founder of Hugo said, “Financial security, though not always easy to build, is certainly possible, especially with Hugo. One of the key contributing factors to financial security is wealth creation and this has been made easier with Hugo’s Gold Vault which empowers every Singaporean to include gold as part of their savings plan and see their savings turn into wealth.”
Braham Djidjelli, Chief Product Officer and Co-Founder of Hugo said, “Hugo is beyond just a product. It is a philosophy that evolves and grows with our customers, partners and people who we fondly call #HugoHeroes. Hugo is innovative and listens. Our current form and functionality as well as Hugo’s future development plans will continue to be driven by consumer feedback, to offer a friction-less banking experience. Singapore is our home market and we do have expansion plans for South-East Asia.
Four Key Features
Hugo Spend Account
A Hugo account is automatically set up upon customer signup and they can order their Hugo Platinum Visa Debit Card directly on the app. All Hugo accounts are safeguarded within DBS Bank. Customers may load money into their Hugo account from any bank account in Singapore, and then use their Hugo Debit Card to make purchases from this account.
The Hugo Platinum Visa Debit Card is a numberless card, designed to reduce fraud risk and ensure safety of transactions. Customers can securely access their card details and PIN within the Hugo app itself. Partnering with Visa in launching a numberless Platinum Visa Debit Card highlights Hugo’s commitment to security.
“At Visa, we have witnessed an accelerated shift towards digital payment experiences. Consumers are seeking more intelligent and intuitive solutions that help them optimise their spending so they can achieve their financial goals. Visa is committed to powering digital lifestyles through innovation and making secure, seamless and intuitive payment experiences accessible to all. We’re excited to partner with Hugo to empower consumers to use the app to spend, save and invest with the numberless Hugo Platinum Visa debit card,” said Kunal Chatterjee, Visa Country Manager for Singapore & Brunei.
Besides the convenience of a fully functional Visa card that is accepted across millions of merchants worldwide, customers will also enjoy zero card fees. Moreover, customers can benefit from exclusive Visa Platinum offers on leading merchants.
Hugo’s most unique feature is its Gold Vault. Hugo customers can now make gold a part of their regular savings plan. They can buy or sell gold for as low as SGD 0.01 and check live gold prices to make their trade decisions at their fingertips. At a nominal fee of 0.5% per transaction, Hugo makes investing in gold easy and friendly for all. Hugo customers can also set a monthly schedule for the desired amount to ensure they invest in gold consistently.
The gold in the Hugo Gold Vault is physical gold allocated against customers’ investments stored in an accredited LBMA (London Bullion Market Association) vault and insured by Lloyds of London.
Hugo Roundup helps Singaporeans build their savings without sacrificing on the things they love. Every transaction on a Hugo Visa Platinum card is rounded up to the nearest dollar with the difference saved into Roundup. Hugo calls it ‘Silent Savings’ as customers can generate savings effortlessly even as they spend. The weekly roundup savings are then automatically invested into real physical gold via the Hugo Gold Vault.
Hugo Money Pots allow customers to actively save for their short-, medium- and long-term financial goals. Customers can create any number of Money Pots, set timelines for each goal and choose the amount they would want to save every month in each of their Money Pots.