Tech start-up PlayMoolah works with its first financial institution, OCBC Bank

Source: PlayMoolah

Local start-up company PlayMoolah announced today it is working with its first financial institution, OCBC Bank.

Young customers from OCBC Bank's Mighty Savers programme will gain access to PlayMoolah's fun online platform, which teaches six to 12 year-old children how to earn, spend, save, give and invest their money. Through Playmoolah, OCBC Bank will be able to engage better with its young customers and forge stronger lifetime relationships. It also allows PlayMoolah to reach out to a wider database of users, through the Mighty Savers programme. More importantly, it will help to boost the financial literacy of more children, empowering them to better manage their money.

"We decided to work with PlayMoolah, as there is a distinct meeting of minds between our Mighty Savers programme and their online platform. Both use similar methodologies to encourage good financial behaviour. With Mighty Savers, children can redeem gifts when they make a deposit of $50 or more, and with PlayMoolah, their online platform encourages both online and real-world savings. Our 'Card and Sticker' game has been helpful for parents to teach kids the importance of saving, and as many children enjoy online games, we hope to continue to engage them in this space," said Ms Ng Li Lian, Head of Mass Segment, OCBC Bank.

PlayMoolah's gamification tools encourage children to take charge of their money, in a fun, engaging and safe manner. Children can make real financial decisions and actions, managing both virtual and real-world dollars. Parents can easily manage and stay updated on their child's activities, and get involved by setting chores, matching their savings goals, or helping them give to charity. Having kids make their own decisions about money is the kernel of the PlayMoolah experience, empowering kids to see how money can help them achieve their goals, and create value in the world.

"We founded PlayMoolah to inspire a new generation of young people to develop a healthy perspective towards money. We want them to be empowered by seeing it as a way to serve their dreams, personal growth and hnd happiness, as well as to create value for society, rather than viewing money as an end in itself. Because of this, we are delighted to partner OCBC Bank, to help their Mighty Savers customers develop a positive relationship with money," said Ms Audrey Tan, Co-founder PlayMoolah.

OCBC Bank's Mighty Savers customers can access PlayMoolah from 1 October 2012 onwards. They can do so in the following manner:

When a Mighty Savers customer deposits a minimum of $50 in their OCBC account, they gain access to PlayMoolah lite (this has fewer features than the full version). There will be new features to unlock every month.

If the customer deposits $1,000 or more, they gain access to the full version of PlayMoolah for 6 months.

Comments: (0)