Friday, June 14, 2024

Hugosave Launches the World’s First Digitally Delivered and Managed Trust to Empower Singaporeans with Innovative Wealthcare® Tools

SINGAPORE, Oct. 19, 2023 /PRNewswire/ — Singapore-based Wealthcare® and savings app Hugosave announced the launch of the world’s first digitally delivered and managed trust (“Trustbox®“), which is a landmark step in their effort to democratise wealth products for all.  Also launched within Trustbox are new capabilities for clients to buy and sell physical silver and platinum precious metals on top of the existing gold, at their fingertips. These new capabilities provide clients with greater access to Wealthcare®, better security for their investments and greater convenience as they spend smarter, save more, and invest diligently with Hugosave. More products will follow in the coming weeks.

Making Wealthcare® accessible to all

Trusts are traditionally targeted at the wealthy, as a means of legacy planning. Hugosave has now democratised this to allow clients easy access to a free Trustbox to protect their legacy through a licenced trust service provider. It has no fees for customers and no minimum income or assets required, empowering customers to exercise greater control and flexibility over their assets, with the assurance that their wealth and assets are well protected.

Customers can enjoy trust services made to accommodate their unique situations and needs. Examples include succession planning, supporting their child’s future, or holding assets for a beneficiary until an objective is met.

Settlors can rest assured that their beneficiaries will be served in a timely and more expeditious manner.

Assets held in a Trust can be shielded from creditors, legal judgments, and public scrutiny, ensuring enhanced financial security.

“At Hugosave, we believe that everyone deserves to have their assets protected, which is why we introduced Trustbox, the world’s first digitally delivered and managed trust and made this product accessible to the everyday Singaporean,” said David Fergusson, Chief Executive Officer of Atlas Consolidated Pte Ltd, the company behind Hugosave. “To allow clients to diversify and enjoy more investment options, we have also introduced the ability to buy and sell physical Silver and Platinum on top of Gold.”

Unlocking enhanced investment and savings options

Hugosave clients will now have the ability to buy and sell physical Platinum and Silver, with a minimum investment of as low as S$0.01. This expanded offering complements the existing physical gold investment options. Clients will now have access to a live view of the value and gains of their investments. This real-time tracking feature provides clients with instant insights into market trends and the performance of their investments, enhancing their ability to make informed financial decisions.

Building healthy financial habits with Hugosave

In a bid to make savings work invisibly for the client, the Hugosave Money Pots and schedulers allow clients to automate their savings and investing process, accelerating their progress towards their financial goals. This complements its popular Hugosave Roundups feature where spare change from spends on the Hugosave Visa Platinum Debit Card is rounded up to the nearest dollar and automatically invested.

Hugosave also welcomed a brand-new app user interface to give clients a better and more intuitive experience when it comes to Wealthcare® planning, which includes a growing repository of educational videos featuring an AI-generated image of local celebrity Jamie Yeo.

Clients can soon take advantage of more investment options, such as Exchange Traded Funds (ETFs), as well as enhanced features such as Multi-Asset Pots to be progressively rolled out on the Hugosave app in the coming weeks to support them on their Wealthcare® journey.

Hugosave is Singapore’s leading Wealthcare® companion with approximately 70,000 clients using the app to optimise their finances and build healthy financial habits.  For more information about Hugosave please visit www.hugosave.com.

Fact Sheet

This is a list of the available features on the all-new Hugosave app:

Feature

About the Feature

Trustbox

●  No minimum income or initial investment is required.

●  Gives clients the peace of mind of knowing that their loved ones will be well taken care of when they are no longer able to do so.

●  Clients can unlock more of Hugosave to set up their Trust now by becoming Hugosave Premium clients.

Money Pots & Hugosave Schedulers

●  Automate the savings and investment process.

●  Set short-, medium- or long-term savings goals and automated saving and investing schedules to help achieve them. 

●  Hugosave clients can soon access Enhanced Money Pots which allow them to include physical gold, silver, and platinum in their investment strategies.

●  Clients can expect updates to be progressively rolled out to allow them to include multiple assets in their Money Pots based on their risk appetite.

Precious Metals Vaults

(+ more investment options)

 

●  Clients can now buy and sell physical >99.9% pure gold, silver, and platinum on the Hugosave app with as little as S$0.01.

●  Buy and sell precious metals at your fingertips during market hours.

●  Precious metals are insured and stored safely in an LBMA-accredited vault and insured by Lloyd’s of London.

●  Clients will legally own the precious metals they buy through Hugosave and have legal claims over them.

Hugosave Account

●  Clients will be permitted unlimited savings in the Trust when they choose to unlock more of Hugosave. (Hugosave Lite Account holders will still have a S$750 lifetime limit on the account)

●  Signing up for the Hugosave Account is free and there are no fall-below fees.

●  The savings are safeguarded within a major local bank.

Learning Centre, Blog, Podcasts, Videos

●  In collaboration with local personality Jamie Yeo, Hugosave now offers educational videos in-app to help clients improve their financial literacy and make more informed financial decisions.

●  Clients can also easily access informative articles in-app to learn how they can better manage their wealth and assets to achieve Wealthcare®.

Reward Centre

●  Make the Wealthcare® journey a fun one!

●  Clients are rewarded when they reach milestones in their Journey.

Coming Soon

●  Allows clients to specify how and when their assets will be distributed.

●  More investment options such as ETFs and stocks will soon be made available to help clients diversify their investment portfolio based on their risk appetite.

●  Roundups to the desired precious metals.

●  Hugosave Next-Generation Account for clients under 18 years old.


About Hugosave

Launched in July 2021, Hugosave is Singapore’s first Wealthcare® app and all-in-one personal finance account which aims to elevate lives by helping consumers to spend smarter, save more, and invest diligently, starting with gold. Today, about 70,000 customers in Singapore are using Hugosave to optimise their finances. Since its launch, the app has won multiple awards including Consumer Finance Product of the Year and Financial Inclusion Initiative of the Year 2023 for Singapore at the Retail Banking Awards 2023 by Asian Banking & Finance.

Hugosave is owned and operated by Atlas Consolidated Pte Ltd and is a certified member of the Singapore FinTech Association. Atlas Consolidated holds a Visa Principal Member Issuing Licence and received licensing approval to operate as a Major Payment Institution [PS20200550] from the Monetary Authority of Singapore (MAS) in April 2022, and Regulated Precious Metals Dealers Certification [PS20200001983] from the Ministry of Law, Singapore in August 2021. It also has a Financial Adviser’s Licence [PS20200550] by MAS owned by Trustbox Pte Ltd, the company’s fully owned subsidiary.

Atlas Consolidated leads the consortium behind HugoBank, one of the first digital banks in Pakistan.

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