Singapore, 10 October 2020 - Zimble is set to launch its innovative rewards-based pocket money app in Singapore, the first of its kind in the country, providing parents with a digital money management tool to educate children up to 18 years of age on financial literacy.
Powered by MatchMove in collaboration with Mastercard, Zimble and its accompanying prepaid card seek to meet the needs and revolutionise money management for children, as Singapore progresses into a cashless, smart nation. The innovative app empowers them with real-world experiences of financial concepts such as working for money or setting longer-term goals from a young age.
"In Singapore, the average child receives their first internet-connected device around the age of 8. Zimble provides a digital platform for them to learn about managing finances, even before embarking on their first job or receiving their first credit card," said Marika Spaseska, Chief Executive Officer of Zimble.
Singapore will be the first market Zimble will be introduced, with plans to expand into other Southeast Asian countries, such as The Philippines, Vietnam, Thailand, Indonesia and Vietnam within the next two years.
Learning about dollars and financial sense
Zimble is a multi-faceted app that incorporates a range of money management features:
With many dual-income families, there may be a growing problem where children spend money with less guidance and caution. Zimble wants to bridge this gap by providing parents with the tools to nurture their children's relationship with money in a healthy way.
"I once struck an agreement with my niece that each time she cleaned my car, I'd give her thirty dollars to save up for her favourite cosmetics, as a way of teaching her about money. The idea hit me: Surely there must be a better way to do this with today's technology? That's how Zimble was born." said Ms. Spaseska.
Bringing the kids onboard a cashless society
Zimble powered by payment innovation company MatchMove, which is a principle issuer of Mastercard and regulated by the Monetary Authority of Singapore, to bring unparalleled convenience in payments to users.
Commenting on the Zimble-MatchMove collaboration, MatchMove chief commercial officer Amar Abrol said: "Financial education is a subject that is close to our hearts and we are glad to be a part of Zimble's solution to encourage digital adoption from a young age and help kids better understand money management and achieve financial literacy. This is in line with the Singapore Smart Nation vision of a cashless society, and we are glad that our partnership with Zimble is helping realise this national vision."
MatchMove Vice President and Regional Head-Commercials, Varun Dudeja said: "It is exciting to see that our Banking-as-a-Service platform is being used to help kids better manage their pocket money. Zimble is one of the first pocket money solutions in Singapore powered by Mastercard and it is a safe, secure and convenient alternative for kids as compared to physically handling cash to manage their money."
Transactions can be made online and in-store at millions of merchants around the world, without needing a bank account. Partnerships with merchants are in the works, adding value and savings to Zimble users through promotional deals and offers.
Zimble is developed with safety and security as a top priority. Features such as certified chip technology, PIN-protected access and remote locking of accounts and cards provide protection from any potential cyber threats and loss of card, giving parents peace of mind.
Simple app interface that keeps children engaged
As the intended users are primarily children, the app is both engaging yet simple to use. The intuitive user interface features bright colours and graphics, is easy to navigate and flows seamlessly from one function to another.
Mark Reid, Chief Operating Officer of Zimble, said, "Parents in Asia are always seeking the best for their children, no matter how busy or hectic their lives get. This is a key consideration for us in designing the user experience of Zimble: to help families guide the financial learning journey of children with minimal fuss, priming them to be tech-savvy and forward-thinking."
"As the shift towards a digital lifestyle accelerates, we risk leaving our children behind as banks seem less agile in responding to their changing needs," added Ms. Spaseska. "Zimble hopes to be a game-changer in how children learn about money—helping them to gain a headstart in developing good financial habits that will last a lifetime."
Zimble is now available on the App Store or Google Play. To find out more, visit zimble.sg.
Zimble is a rewards-based pocket money platform supporting parents and children up to 18 years of age with responsible money management. Its app and prepaid card equips children with the tools and practical knowledge to improve their financial literacy and habits. Visit: zimble.sg.
MatchMove is one of the world's fastest growing and most disruptive fintech companies in digital payments and next-generation banking. The company's proprietary Banking OS™ enables 'Banking-as-a-Service' and the capabilities of Spend.Send.Lend™ within any app.
Envisioning a financially inclusive world as it wages war on cash, MatchMove's solutions help enterprise clients digitize payments and give the financially underserved segments the empowerment to move their money anytime and anywhere.
MatchMove is licensed by the Monetary Authority of Singapore and authorized by leading card networks to issue virtual and physical cards directly to users in approved jurisdictions, or anywhere else in the world with partner banks. The company is headquartered in Singapore with offices in India, Indonesia, Vietnam and the Philippines.
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