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Digital Banking Platform Revolut Launches Financial App for Kids in Singapore, Junior Accounts Available for Free

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Digital banking platform Revolut has launched a financial app that has been developed specifically for kids. The Fintech app is controlled by the child’s parent or their legal guardian so that they are able to monitor how the tools are being used.

This new app for kids is available to Revolut customers based in Singapore. The digital bank’s clients may set up a Junior account for free.

Revolut Junior allows kids to make independent financial decisions while allowing their parents to keep track of how they’re using the app. Parents are able to manage the security settings remotely in order to ensure the safety of their child.

The Fintech app has already been introduced in over 30 markets across the globe.

Revolut’s management noted that kids in Singapore usually start getting an allowance or pocket money at 7 years of age, which makes it the ideal time for parents to begin engaging them in  productive discussions about effective money management.

Revolut Standard clients may set up 1 complimentary Junior account. Revolut Premium customers have the option of setting up 2 complimentary Junior accounts and Revolut Metal customers are able to maintain 5 complimentary Junior accounts. They will also have the option to order a Revolut Junior Visa debit card with a special design.

Revolut stated that its clients may be able to draw parallels between the funds deposited in their child’s Junior account and their own personal salary credits, in order to educate their kids on the importance of financial management.

Revolut’s digital money tools have also been used to make learning more fun and engaging for kids. Revolut Premium and Metal customers may access additional features via the digital bank’s app, like “Tasks” and “Goals”, in order to motivate their kids to begin working towards specific goals like saving up for college.

Using this feature, parents may assign a particular task and corresponding e-money rewards to their kids. When the child marks the task as “complete” on their Revolut Junior app, their parents just need to acknowledge or confirm this via their own app interface and then the promised reward (money) is sent automatically to the Junior account.

If the kids want a big ticket or more expensive item, then their parents may decide to meet them halfway and have them save up a part of the total cost for the purchase as a goal.

Kids are able to track, “earn”, and manage their allowances while their parents or guardians can add and withdraw funds, access various security features and options like freezing/unfreezing the Junior card, and also appoint a co-parent to give another adult the power to control the Junior account.

Source: https://www.crowdfundinsider.com/2021/02/172321-digital-banking-platform-revolut-launches-financial-app-for-kids-in-singapore-junior-accounts-available-for-free/

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UK based P2P Lender Folk2Folk Says it’s Still Open to Retail Investors, with £400M+ Invested via Platform and Zero Losses

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UK-based Folk2Folk, a P2P lender supporting local and rural businesses, notes that “shifting sands” within the peer to peer sector have left some retail investors “high and dry.” Folk2Folk reveals that some retail investors have been “abandoned” in favor of institutional investors. There have also… Read More

The post UK based P2P Lender Folk2Folk Says it’s Still Open to Retail Investors, with £400M+ Invested via Platform and Zero Losses appeared first on Crowdfund Insider.

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Source: https://www.crowdfundinsider.com/2021/03/172779-uk-based-p2p-lender-folk2folk-says-its-still-open-to-retail-investors-with-400m-invested-via-platform-and-zero-losses/

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All Non-Essential UK Retail Businesses May Reopen from April 12, 2021, Funding Circle Confirms while Sharing Other Small Business Tips

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Online lender Funding Circle (LSE:FCH) recently commented on what the roadmap out of the COVID-19 lockdown means for small businesses. On February 22, 2021, the UK government announced its “highly anticipated” four-phase roadmap out of the Coronavirus-related lockdown — and contained within it were several… Read More

The post All Non-Essential UK Retail Businesses May Reopen from April 12, 2021, Funding Circle Confirms while Sharing Other Small Business Tips appeared first on Crowdfund Insider.

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Source: https://www.crowdfundinsider.com/2021/03/172783-all-non-essential-uk-retail-businesses-may-reopen-from-april-12-2021-funding-circle-confirms-while-sharing-other-small-business-tips/

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Australia Is Home to At Least 733 Active Fintech Firms, Up from 629 in September 2019: Report

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Australia is currently home to at least 733 active Fintech firms, up considerably from 629 back in September 2019, according to the KPMG Fintech Landscape 2020 map. This represents an increase of 104 firms that joined the nation’s financial technology industry between September 2019 and… Read More

The post Australia Is Home to At Least 733 Active Fintech Firms, Up from 629 in September 2019: Report appeared first on Crowdfund Insider.

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Source: https://www.crowdfundinsider.com/2021/03/172737-australia-is-home-to-at-least-733-active-fintech-firms-up-from-629-in-september-2019-report/

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Open Banking related Services are Now Key Focus Area for Professional Bankers Globally: Report

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Banking software firm Temenos (SIX: TEMN) has released a report, titled “Open Banking: Revolution or Evolution?”, which was authored by the Economist Intelligence Unit (EIU) and it’s also based on a survey of more than 300 senior banking professionals. The report revealed that almost half… Read More

The post Open Banking related Services are Now Key Focus Area for Professional Bankers Globally: Report appeared first on Crowdfund Insider.

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Source: https://www.crowdfundinsider.com/2021/03/172741-open-banking-related-services-are-now-key-focus-area-for-professional-bankers-globally-report/

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