More than 200 school students in Singapore have participated in a trial round of a POSB Bank program designed to cultivate sensible saving habits in children.

POSB Bank Singapore has found a new way to integration fintech into day-to-day life, launching a new child-focussed initiative in keeping with the Singaporean Government’s smart-nation agenda. November will mark two years since the initiation of the initiative, which encourages citizens to be involved in driving an enhanced living standard through the development and implementation of tech-enabled solutions.

POSB announced the launch of the POSB Smart Buddy program last week, following a successful trial run which used portable devices, such as watches or student cards, and modifies them for contactless payment usage.

Smart Buddy devices in the trial program were used across various primary schools for students to make payments at school canteens and bookstores. Real-time money balance updates are provided to students after each purchase, which can also be accessed by parents via an accompanying app.

Head of Smart Nation Programme Office, Tan Kok Yam, said: “Using wearable technologies, parents can be given greater convenience and peace of mind, while kids can learn about financial management and the virtue of thriftiness.”

“We are very encouraged by the collaboration between POSB and schools.”

Kok Yam said that feedback for the initial trial had been positive, with the bank and the Government now set to push the program forward into its next phase.