OCBC Bank and PlayMoolah launch Chinese New Year edutainment app for kids

• OCBC Yusheng Rush mobile game to encourage children to save their Chinese New Year ang pow money
• Part of OCBC Bank’s digital strategy that aims to engage and reward young customers

OCBC Bank and PlayMoolah have jointly launched a mobile app called OCBC Yusheng Rush in time for next week’s Chinese New Year festival.
 
The free-to-download app for the iPhone and iPad is targeted at those who love their yusheng, a traditional dish known by its Cantonese name of yee sang in Malaysia. Players need to purchase ingredients in a supermarket in order to make the dish, one of Singapore’s favorite Chinese New Year specialities.
 
However, the objective of the mobile game is more serious than that: To help children understand budgeting and how to make trade-offs on what they spend their money on, the two companies said in a statement.
 
At the end of each game, users are reminded to bank in their ang pow (cash gifts) money into the bank.
 
Bank deposits by young customers typically reach a peak during the Chinese New Year festive period. For OCBC Bank, the year-on-year increase of ang pow money deposited by children has more than tripled since the OCBC Mighty Savers program started in 2007.
 
The bank said it hopes that OCBC Yusheng Rush will reinforce OCBC brand awareness among young families and further encourage this saving behavior.
 
“OCBC Yusheng Rush teaches children to budget, compare prices and make trade-offs, while not overtly appearing like another financial educational tool,” said Audrey Tan (pic above, second from left), PlayMoolah co-founder.
 
“Games allow users to simulate their choices and learn how to make better financial decisions over time, while creating a safe environment for them to learn from their mistakes,” she added.
 
OCBC Yusheng Rush is part of OCBC Bank’s digital strategy, where it aims to engage and reward its young customers. In the fourth quarter of 2012, the bank partnered with PlayMoolah to provide its Mighty Savers customers access to PlayMoolah’s online platform, Moolahverse.
 
This teaches six- to 12-year-olds money management skills such as how to earn, spend, save, give and invest their money, in a safe and fun manner.
 
“Chinese New Year is a time for family bonding and a good time to teach our children the importance of saving as they receive their red packets,” said Ng Li Lian (pic above, second from right), head of the Mass Segment at OCBC Bank.
 
“With this in mind, we worked with PlayMoolah to develop this iPhone game app … to engage and bring to life budgeting concepts,” she added.
 

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