A new digital “piggy bank” for kids is set to launch this year.
Named Zimble, the app provides parents with the opportunity to educate children about the importance of financial literacy.
The idea for Zimble was conceived after its founder and CEO Marika Spaseska struck up an agreement with her niece to clean her car in exchange for $30 so the latter could save up to buy her favourite cosmetics.
“(It was) 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,” she said.
The pocket money app incorporates a range of money management tools.
Zimble contains “piggy bank” accounts for children and digital wallets that they can spend, earn and save with.
Parents can monitor their children’s spending habits via real-time notifications and spending caps. They can also make one-time or recurring transfers into their wallets.
Children can also earn money for completing tasks and goals by sending footage of the completed work to their parents.
In addition, children can set their own savings targets, and create wish lists for their parents to fulfil.
“In Singapore, the average child receives their first internet-connected device around the age of eight,” remarks Marika.
“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.”
Collaboration With Fintech Startup MatchMove
Zimble is powered by MatchMove, a fintech platform designed to streamline digital payments.
It is regulated by the Monetary Authority of Singapore and acts as a principal issuer of MasterCard.
One of Singapore’s premier fintech startups, MatchMove banked over US$21 million in funding last month, boosting its valuation to US$338 million.
The fintech provides firms with banking solutions that integrate spending, sending and lending in-app or help them build mobile platforms from the ground up.
MatchMove is also one of the many firms competing for a digital bank license in Singapore.
Commenting on the 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.
“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.”
Singapore will be Zimble’s first market launch, with plans to roll out in other Southeast Asian countries within the next two years.
The app is available on a subscription model, which includes a physical pre-paid card and a one-month free trial.
Zimble will be running a special promotion on its annual membership fee at S$38.50 (S$3.50 per month).
Featured Image Credit: 99 co