POSB partners IDA’s mobile tech lab to launch e-savings programme for primary school students

Singapore, 10 Jul 2016 - POSB has partnered the Infocomm Development Authority of Singapore (IDA) to launch an e-savings programme specifically targeted at primary school students. The “POSB eYoung Savers” programme is the first project by a bank which will be showcased on IDA Lab on Wheels, a bus-based interactive programme to ignite passion in technology among the young through engaging and experiential activities.

The “POSB eYoung Savers” programme was unveiled today at the official opening of POSB Waterway Point branch by Dr. Janil Puthucheary, Member of Parliament for Pasir Ris-Punggol GRC, and Minister of State, Ministry of Communications and Information & Ministry of Education.

Through its numerous initiatives over the year, POSB, also fondly known as the People’s Bank, has inculcated the values of savings and thrift among the population. Through its collaboration with IDA, POSB hopes to promote financial literacy and further spread the culture of savings among the young, while incorporating elements of technology and robotics.

Under the programme, up to 40 students use micro robots as totems that will move according to the light triggers on the board game. The board game is linked to a laptop, where students will be asked questions related to savings to accumulate points as they progress through the game. They will also experience various financial situations (e.g. earning interest on points accumulated after each round), in order to better understand the importance of savings and thrift. At the end of each game, each student will be given a “POSB Young Savers” kit, which will contain tips on savings and engaging activities to help kickstart a savings journey.

The programme will be offered via IDA Lab on Wheels which will go to all primary schools in Singapore. Schools can visit IDA’s Infocomm Talent Portal to find out about the “POSB eYoung Savers” programme and the availability of IDA Lab on Wheels.

Said Ms. Susan Cheong, Head of POSB, “POSB has served generations of Singaporeans and we are proud to carry on the tradition of inculcating the virtues of savings and thrift among the younger generation. We are delighted to embark on this meaningful project with IDA to engage the students in a digitally fun and interesting way. By keeping with the times, we want to continue to instill the tradition of a savings culture among the young while engaging them through robotics and experiential technology.”

Mr. Khoong Hock Yun, Assistant Chief Executive, IDA said, “IDA Lab on Wheels has become an integral part of a primary school student’s tech experience. To-date, the programme has reached out to more than 25,000 students and 90 schools. We are excited to work with POSB in the e-savings programme that exposes students to interesting technology that enables them to tinker, experiment, and at the same time, gain financial literacy in a fun and engaging way. We hope more industry players will come forward to collaborate with us to create impactful programs using technology.”

The IDA Lab on Wheels is an industry led initiative together with the Government, aimed at seeding students’ interest and exciting them to study technology via the experiential and engaging technology featured on the bus. The larger aim of the IDA Lab on Wheels is to reach out to students and encourage them to pursue tech as a curriculum or career choice.

Over the years, DBS/POSB has inculcated the culture of savings and thrift in our youth through a number of initiatives. Some of these initiatives are:

• In January 2015, POSB brought back the iconic “POSB National School Savings Campaign” in conjunction with SG50. The original campaign, which was first introduced in 1969, proved to be popular with the community and achieved 100% participation from primary schools in Singapore.
• The annual POSB PAssion Run for Kids is the largest charity kids run in Singapore, organised jointly with People’s Association. Over SGD1 million is raised annually for the POSB PAssion Kids Fund which is utilised to support programmes and has benefited over 230,000 children in Singapore.
• POSB also works closely with Community Development Councils (CDCs) to create various savings programmes for less privileged children.

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About POSB

A part of the DBS Group, POSB is the largest and oldest local bank in Singapore with over four million customers. Having served generations of Singaporeans for the past 139 years, it is known as the “People's Bank”, and prides itself on being “neighbours first, bankers second”.

With a good understanding of Singaporeans through the years, POSB offers products and services that are relevant to the savings, borrowing, investment and insurance needs of all Singaporeans. With over 50 branches conveniently located islandwide, and over 1,000 ATMs and Cash Acceptance Machines across the island, POSB's distribution network is the largest in Singapore.

POSB acknowledges the passion, commitment and can-do spirit in each of its staff. For more information, please visit www.posb.com.sg

 

About Infocomm Development Authority of Singapore

The mission of the Infocomm Development Authority of Singapore (IDA) is to develop information technology and telecommunications within Singapore with a view to serve citizens of all ages and companies of all sizes. IDA does this by actively supporting the growth of innovative technology companies and start-ups in Singapore, working with leading global IT companies as well as developing excellent information technology and telecommunications infrastructure, policies and capabilities for Singapore. For more news and information, visit www.ida.gov.sg. Follow IDA on Facebook IDA.Singapore and Twitter @IDAsg.