The digital account aims to help Singaporeans to spend, save and invest, starting with gold.
The Singapore-headquartered company aims to stand out among the crowded digital account space with its Gold Vault feature, which lets users buy, sell and hold physical gold.
The Hugo account, which comes with a numberless Visa debit card, also includes money pot and roundup features to help users grow their wealth faster. The app also plans to introduce features to help users spend less by suggesting switching, substitution and reduction opportunities.
Financial Wellbeing
«We know that money is the biggest cause of stress and Covid-19 has only reinforced how financially unprepared most of us are,» David Fergusson, Hugo CEO and co-founder, said.
Money accumulated in the app's Roundup feature is converted into gold holdings weekly, and the physical gold allocated for investment is stored in an accredited London Bullion Market Association (LBMA) vault, while the gold is insured by Lloyds of London, Hugo said. Users can also add to their gold holdings with a nominal 0.5 percent fee per transaction.
Wider Roll-Out
Currently available on Google Play and Apple's App Store, «Hugo Save» plans to roll out the app across Southeast Asia and add more functionalities and wealth products going forward, its co-founders said at a media briefing this week.
