POSB launches first wearable-tech savings and payments programme for schools
Singapore
POSB on Wednesday celebrated the official launch of a global first - the POSB Smart Buddy programme - in 19 primary schools.
Piloted a year ago, the fully subsidised programme by POSB teaches students how to save and spend wisely by helping them track their savings and spending habits digitally, through the use of a watch.
Minister for Education (Higher Education and Skills) Ong Ye Kung officiated at the launch event, which was held at Admiralty Primary School.
Some 6,000 POSB Smart Buddy watches have been distributed to students in the past year, with 2,000 watches issued in the last two months alone.
The watch helps children take an early step towards digital payments and also monitors their activity.
Parents, in turn, can remotely pre-set their children's daily allowance, send them emergency money, and monitor their kids' spending, savings, eating habits and activity levels - all with an accompanying phone application.
The programme also allows for instant tap-and-pay in school canteens and bookstores, and lets participants check on their remaining allowance balance at kiosks within the school.
Jeremy Soo, head of consumer banking group (Singapore) at DBS Bank, said: "We believe that POSB Smart Buddy represents a paradigm shift for Singapore's education sector - not only by changing the way students save and spend - but by creating a digital payment ecosystem within schools."
He added that it "transforms the age-old 'pocket money' tradition, teaches students how to manage their expenses and save wisely, and provides small business owners in schools greater incentive to adopt digital payments".
Feedback from the pilot programme participants has been positive, and they have expressed interest in continuing to take part in the programme.
Going forward, DBS and POSB plan to develop a similar programme tailored for secondary schools and tertiary institutions.
The programme may soon feature an in-school locator as well, allowing parents to track their child's location within the school compound. Plans are also underway to introduce a biometric payment solution, to provide an even simpler payment journey.
"To truly become a smart nation and for us to fully embrace digital payments, we aim to educate the students of today so that they are well prepared for the technology of tomorrow," said Mr Soo.
