Revolut Ramps Up Growth Efforts in Singapore
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The fintech hopes to build on the momentum it has gained amid the social and economic challenges brought about by the pandemic.
Revolut Singapore has made a number of additions to its growing team in Singapore bring onboard digital strategist Sam Chui as marketing manager and media specialist Deborah Tan-Pink as communications manager.
Chui joins from local marketing agency GoodStuph, while Tan-Pink resigns from her role as CEO of an edtech startup to join the company. She previously spent more than 10 years in lifestyle publishing, including a stint as editor-in-chief of Cosmopolitan Singapore. The pair will report to Pam Chuang, Revolut Singapore’s head of growth.
Our hiring strategy is to attract top talents in the region with great expertise in specific fields. Both Deborah and Sam have on-ground knowledge of the Singapore market when it comes to our target customers, Chuang said about the new hires.
The total number of e-commerce transactions among Revolut customers more than doubled during Singapore’s «circuit breaker» period earlier this year. Contactless payments also grew by 30 percent, and now comprises 90 percent of its transactions, Tan-Pink said.
Revolut is currently seeing a recovery in in-store spending, particularly for restaurant dining, with close to 3x growth in total transactions. Year to date, our daily active people figure is close to pre-Covid levels and we are poised to grow this number further this quarter and into 2021, she said.
The company said it has enjoyed «very positive momentum» since its launch one year ago, with over 70,000 customers, of which 65 percent are Singaporeans. The average age of the Revolut customer in Singapore is 35 and some three-quarters of its active customers use the Revolut card for e-commerce purchases, it noted.
The company is preparing to bring Revolut Junior to the market in the last quarter of 2020, and expects a full roll-out of Revolut Business at end of the first quarter next year.
Questions & Answers
Q.What is the primary background of the new hires, Sam Chui and Deborah Tan-Pink?
What is the primary background of the new hires, Sam Chui and Deborah Tan-Pink?
Sam Chui joins from a local marketing agency, GoodStuph, bringing digital strategy experience. Deborah Tan-Pink previously led an edtech startup and spent over a decade in lifestyle publishing, including an editor-in-chief role at Cosmopolitan Singapore.
Q.How has customer behaviour changed among Revolut users in Singapore since the circuit breaker period?
How has customer behaviour changed among Revolut users in Singapore since the circuit breaker period?
E-commerce transactions more than doubled, and contactless payments grew by 30 percent, now making up 90 percent of all transactions. In-store spending, especially for restaurant dining, has also shown nearly three times growth.
Q.What are Revolut's immediate plans for new product launches in Singapore?
What are Revolut's immediate plans for new product launches in Singapore?
The company is preparing to launch Revolut Junior in the last quarter of 2020. A full rollout of Revolut Business is expected by the end of the first quarter of next year.
Q.What is the current customer base and demographic for Revolut in Singapore?
What is the current customer base and demographic for Revolut in Singapore?
Revolut has over 70,000 customers in Singapore, with 65 percent being Singaporean. The average age of a customer is 35, and around three-quarters of active customers use their card for e-commerce.