Singapore’s Ministry of Education (MOE) and consumer bank DBS have announced an extended three-year partnership aimed at expanding access to digital payments across all colleges and secondary schools. and primary schools in Singapore.
Here, consumer bank DBS will install digital payment infrastructure, including touch-payment terminals in school canteens and bookstores. Installed touch-payment terminals can accept payments made through POSB Smart Buddy cards or watches, as well as other payment methods, such as Smart Cards for for schools and the EZ-Link Card. Every school in Singapore will have a digital payment terminal installed by 2025.
According to the MOE press release, the POSB Smart Buddy smart meter project is designed to make digital payments and promote financial literacy simple, seamless and accessible to all. everyone. Through this expanded partnership with MOE, the bank aims to give every student the option to familiarize themselves with digital payments in their daily lives, while also learning how to Cultivate the habit of savings and prudent spending.
“We have a responsibility to ensure that no one is left behind in this digital age,” said Jeremy Soo, CEO and Head of Consumer Banking Group (Singapore), DBS Bank. The POSB Smart Buddy smart meter project is designed to make digital payments and financial literacy simple, seamless and accessible to all. In 2017, POSB Smart Buddy helped students and parents develop digital spending and saving habits through the campaign’s apps and devices.Today, around 40,000 students and 80 schools (both elementary and middle schools). school and high school) use the POSB Smart Buddy smartwatch and card for digital payments.
It is known that the POSB Smart Buddy smart watch project was launched in 2017 and is the world’s first integrated school wearable digital payment and savings program. Under the Program, students and their parents can track their spending and savings through the POSB Smart Buddy app. Students can also use the app to set savings goals, while parents can manage their child’s spending by setting a daily allowance limit and viewing their child’s purchases over time. real. Since the program’s inception, the bank has partnered with participating schools to provide a more integrated e-payment experience, such as using POSB Smart Buddy to assist schools in managing meal benefits meals for students on financial aid.
In a DBS/POSB survey of more than 600 parents, more than 65% of respondents said the POSB Smart Buddy smartwatch has helped their children save and better manage their spending. More than 70% of respondents also found that, POSB Smart Buddy is a useful tool to help educate their children about saving and spending. In addition, more than 90% of parents surveyed believe it is important for their children to get used to using digital tools for daily activities as the world becomes increasingly digitized.
Mr. Jeremy Soo further said: “Through this program-wide partnership with MOE, we aim to give every student the option to familiarize themselves with the use of digital payments in everyday life. them, while learning how to cultivate prudent savings and spending habits.We believe these skills will provide a solid foundation for achieving financial well-being as they transition into phase. next of life”.
Mr. Clarence Tang, Director of Finance and Procurement at MOE said: “MOE sees the growing use of electronic payments in our society. The convenience and benefits of going cashless cashless options…will provide students with an environment to safely use electronic payments while enjoying convenience and benefits of going cashless”.
As can be seen, technology is an intrinsic part of most segments of the economy including education, finance, healthcare, entertainment, and e-commerce. As OpenGov Asia reported last year, the Singapore government launched the Digital for Life movement to bring the community together to help citizens embrace technology as a lifelong pursuit, to enrich their lives – leaving no one behind in their journey into the digital future Singapore.
This movement promotes good digital habits as society enters the digital realm. With the combined efforts of industry companies, community groups, governments and individuals, many Singaporeans will be able to enjoy a better quality of life through technology.
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