PlayMoolah partners with OCBC Bank to teach financial literacy to children

Singapore-based startup PlayMoolah has partnered with OCBC Bank in an initiative to provide account holders withaccess to the subscription-based online game platform.

PlayMoolah is a platform designed to teach financial literacy to children aged between six and twelve years with gamification tools that encourage children take charge of their money, in a fun, engaging and safe manner as well as additional features that allow parents to also be involved in their child’s learning journey.

The joint initiative is called the “OCBC Mighty Savers and PlayMoolah Adventure” and is integrated with OCBC’s existing Mighty Savers program. With a minimum account deposit of $50 account holders can access a Lite version of a PlayMoolah game account, while depositing $1000 provides access to the full version of the game.

This is the first financial institution with which PlayMoolah has partnered and OCBC Bank believe this positive alignment between companies serves an important need for their young customers. “We decided to work with PlayMoolah, as there is a distinct meeting of minds between our Mighty Savers programme and their online platform” said Ms Ng Li Lian, Head of Mass Segment, OCBC Bank. “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.”

For PlayMoolah, the partnership provides another way to reach out to a wider database of users and more importantly, help boost the financial literacy of more children, empowering them to better manage their money. Audrey Tan, Co-founder of PlayMoolah said, “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 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.”

Read more about PlayMoolah and their success to date in a previous blog post PlayMoolah: Gamifying financial system.

This blog post first appeared on www.recognitionpattern.com