Example: Walk us through a specific example(s) of how this solution makes a difference; include its primary activities.
In the Moolahverse, we have a Goal Machine which is central to encouraging savings behaviour. The aim of this is to inculcate the value of money into children, who may only think it's used to buy toys.
One of our users, Jun Wei, decided to save up for a PSP that cost $200, not knowing how long and how much effort it would take. As he progressed on his goal, he realised that the work he was putting in and the sacrifices that he made were not worth the passing pleasure the PSP would give him, and so he forewent the purchase! We were pleasantly surprised that this turned into a deeper teaching moment that communicated the value of money that no classroom lesson possible could have.
Impact: What is the impact of the work to date? Also describe the projected future impact for the coming years.
To date, we have reached over 65,000 children, youths and parents with all of PlayMoolah's offerings. In the last 3 years, we have worked with 2 of the largest banks in Singapore to present a new method of financial literacy delivery to help them grow their pool of customers.
In the first iteration of the Moolahverse, the campaign helped our partner bank acquire 3 new customers from every 1 licence for the game that they purchased. More than $500,000 in deposits were made in association with the Moolahverse, 60% of which were through online channels. To date, players have achieved over 4,000 real world goals and made over 1,000 charitable donations.
Spread Strategies: Moving forward, what are the main strategies for scaling impact?
Our growth strategy is to prioritise emerging markets. Our approach is to transform our existing PlayMoolah products into turn key solutions that can be easily modified and localised for varied contexts. Although the baseline for adoption of our products is the same, there are subtleties that need to be addressed in order to successfully capture the market. To begin, we are focusing on Indonesia, where we have developed a number of business relationships with a number of partners there. With the experience we hope to scale our operations to geographies with similar challenges.