LUCY: A New Digital Banking App to Empower and Connect Women
Grow. Thrive. Shine. With an aim to support aspirational women in being unstoppable, Lucy Holdings Pte. Ltd. has launched a free mobile banking app offering useful and flexible financial services targeted specifically towards women. The app empowers growth that seeks to transform lives, families and communities. Simply called LUCY, the app improves access to finance for women leading small businesses, running households as well as supporting families.
Says CEO, Debbie Watkins “We’ve launched LUCY with the aim of helping and empowering women to manage their finances in a seamless and holistic manner. Our app has been designed as an integrated solution with the customer at the centre of each interaction, keeping their experience simple and hassle-free. We hope women will benefit from having this centralised portal to spend and save so that they can focus on what matters.”
WHAT IS LUCY
LUCY is a one-stop mobile banking solution providing easy to open, fee-free accounts powered by Mastercard. Users can set up separate banking accounts within one convenient app to manage finances and payments for personal, business, household, children and even domestic help expenditures.
With the additional option to create individual savings pockets, users can also oversee savings for different purposes and track their progress. All functions can be automated to activate interest-free regular payments. The app is devised to accept money via PayNow, MasterCard, Visa, bank transfers as well as cash top-ups. The app is simple to use, fast and convenient for managing money on the go. Most importantly, LUCY is a safe and secure platform, regulated by the Monetary Authority of Singapore. Zero Fees for Multiple Banking Accounts within One App As women juggle many roles – manager of the household, mother, employer, micro business owner or entrepreneur, LUCY eliminates the need for them to oversee different bank accounts for household, business and personal spending. There is no fee for opening accounts in the app and no minimum balance required. LUCY offers free and easy finance management for entrepreneurs, employers, households & domestic helpers. Financial Tracking for Savings and Payments With LUCY, women can use a single solution to enable financial tracking for savings and payments. Using the LUCY app, they can create as many accounts as required for different purposes for example: groceries, bills, wage payments etc. and keep track of these with ease. Following the principle of money jars, each account can also contain savings which can be tagged to goals, thereby helping with financial management. Free Mastercard Debit Card for Each Account Each account within LUCY also comes with a physical prepaid Mastercard enabling in-store shopping, facilitating online purchases or even taking public transport. Foreign domestic workers can also use their physical prepaid Mastercard linked to their LUCY account for online purchases from a shop in their home country and have the item sent to any address there. Interest-Free Advance Salary Transfers Domestic workers can set up their personal LUCY accounts easily accessible through their mobile phones to request for wages earned up to the day or even an advance on their wages for a flat fee of S$1. Any advance payments transferred by employers do not incur any interest fees and automated salary payments can be activated effortlessly. They can access their account to perform remittances (available to Indonesia and the Philippines currently) with a low fee and at the best exchange rates, including sending cash to agents – avoiding precious hours queuing at a remittance agent or bank.
Pay It Forward Each payment transaction using the prepaid Mastercard on LUCY qualifies for a Pay-It-Forward reward scheme where users can accumulate points that can be exchanged for tangible rewards that benefit less fortunate women in Singapore. For example, users could sponsor a training course on entrepreneurship skills or provide a food package for someone living in a shelter. Users can pick and choose the reward that resonates most with them personally.
WHAT’S NEXT FOR LUCY Creating and connecting like-minded entrepreneurial communities is next on the cards for LUCY wherein users will get exclusive access to a network of micro-entrepreneurs and all led by female trailblazers. From talented tattoo artists to a female cobbler specialising in repairs of bespoke footwear or a seamstress weaving magic on fabrics, women can become part of LUCY’s network and open up doorways to opportunities for flourishing small enterprises. LUCY invites all female micro-entrepreneurs to be part of this directory for free. The directory will be launched in the third half of the year.