Singapore, 28 November 2013- DBS Remix, Singapore's first bank by day, financial playground by night, has partnered PlayMoolah, a start-up company which leverages technology to design new and fun ways to learn about important financial management skills and make smarter money decisions, , to educate and empower young working professionals in Singapore to make informed life decisions. This partnership has resulted in PlayMoolah's latest mobile application, WhyMoolah, backed by DBS Remix.
WhyMoolah is a simulation that enables young adults to experience, explore and discover wealth, health and career options. Set in Singapore, the app simulates a person's professional life after graduation, with recognisable backdrops from the heartlands to the Central Business District in Raffles Place.
The app comes at a crucial time, as many young Singaporeans are not sufficiently aware of their financial situation. According to a survey by national financial education programme, MONEYSENSE, more than half of Singaporeans do not have enough insurance to protect their dependents if something were to happen to them, and there are also people who over-spend and over-borrow1. WhyMoolah will introduce important financial management skills to young adults through key events in their life journeys and help them make smarter money decisions.
WhyMoolah will provide a unique learning experience about real-life money related matters in Singapore, such as getting a mortage grant and using CPF, figuring out salary and taxes, or how to pay back one's university loan. The built-in simulation mode will allow players to experiment with different choices in financial situations that mimic their current realities, helping them weigh their various lifestyle options and make informed decisions.
"Learning about all the different elements that go into becoming financially independent is something everyone goes through, and WhyMoolah helps map the way there," says Audrey Tan, PlayMoolah CEO and Co-founder. "We want to show everyone that it doesn't have to be overwhelming to make informed decisions, and engage in open and meaningful conversations about money with their families and peers."
The application combines DBS Remix's focus on co-creation, digital innovations and helping young adults to achieve their aspirations with Playmoolah's expertise in connecting youth with financial topics in an entertaining, yet authentic and relatable way. The bank is also a strong supporter of social enterprises and youth entrepreneurship – and its commitment to helping the youth succeed is aligned with PlayMoolah, which has the distinction of being a social enterprise founded by young adults who know the market.
"Since DBS Remix was launched in 2011, we have taken active steps to engage the young adults of today through a series of co-creation and digital innovation projects. For us, the journey continues as we have listened to them and want to help them achieve their dreams and aspirations. With the launch of WhyMoolah, we are equipping young adults with an important financial management tool which can be readily accessed via their mobile devices. This will go a long way in enabling them to make smarter money decisions in their lives," said Jeremy Soo, Head of Consumer Banking Group Singapore, DBS Bank.
WhyMoolah will be available to download for free on Apple App Store and Google Play from 28 November 2013.
PlayMoolah is an innovation company based out of Singapore that designs authentic experiences for children and young adults to learn about and how to responsibly handle money. Partnering with parents, peers and financial / learning institutions, youth and young adults learn to earn, spend, save, invest, and give in a way that’s fun, educational, and safe. PlayMoolah designs game mechanics to inspire real-world action, giving the knowledge, skills, and tools needed for financial literacy at all ages. PlayMoolah is on a mission to empower the next generation to realize how money can help achieve their goals and create value in the world.
Find out more about PlayMoolah at www.playmoolah.com
DBS – Living, Breathing Asia
DBS is a leading financial services group in Asia, with over 250 branches across 16 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s capital position, as well as “AA-” and “Aa1″ credit ratings, is among the highest in Asia-Pacific. DBS has been recognised as "Asia's Best Bank" by The Banker, a member of the Financial Times group, and "Best Managed Bank in Asia-Pacific" by The Asian Banker. The bank has also been named "Safest Bank in Asia" by Global Finance for five consecutive years from 2009 to 2013.
DBS provides a full range of services in consumer, SME and corporate banking activities across Asia. As a bank born and bred in Asia, DBS also understands the intricacies of doing business in the region's most dynamic markets. These market insights and regional connectivity have helped to drive the bank's growth as it sets out to be the Asian bank of choice. DBS believes that building lasting relationships with its customers is an integral part of banking the Asian way.
For more information, please visit www.dbs.com.
|PRecious Communications for PlayMoolah
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