Almost a year after Revolut went live in Singapore, the neobank has now cemented its hold of the market further by adding InsurTech SNACK to its offerings.
The deal between the challenger bank and the insurance cooperative will see them explore if Revolut should offer customers the opportunity to use its “Spare Change Round Up” feature to buy SNACK insurance.
SNACK has previously partnered with EZ-link, Fitbit and Burpple to provide insurance based on customers’ lifestyle choices.
The partnership with Revolut would work in a similar vein with the premiums being linked to things like spending with the Revolut card and step-counting via a Fitbit device.
“With Revolut, our customers enjoy excellent exchange rates, instant peer-to-peer transfers, rewards and cashback offers on e-commerce spend, real-time spend updates and smart analytics that provide useful predictions that help them manage their expenses,” said James Shanahan, CEO of Revolut Singapore.
“Our partnership with SNACK layers insurance protection over our existing money management features and allows our customers access to micro-insurance products that are underwritten by NTUC Income.”
Copyright © 2020 FinTech Global
