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POSB Highlights in 2020

Always “Neighbours first, bankers second”, POSB is committed to serving all Singaporeans – children, young adults, families, seniors and the community at large – as it has done since 1877.

POSB Smart Buddy programme

  • Amid the pandemic, we continued to expand the world’s first in-school savings and payments programme using wearable technology to even more schools. The POSB Smart Buddy programme helps encourage sensible savings and spending habits among students.

  • In 2020, we helped an additional 12 schools develop and integrate digital payments systems, enabling a total of 62 schools to now participate in the programme.

  • Since the programme’s inception in 2017, POSB has distributed 28,000 free cards and watches with digital payment and tracking capabilities.

POSB PAssion Kids Fund programme

  • Distributed care packs, which included hand sanitisers and masks, to more than 400 children from low-income families.

For Children and Families

Free online classes with education ecosystem partner 88Tuition

  • Offered free online supplementary classes, in partnership with 88Tuition, to some 850 students, including those studying for their PSLEs amid the circuit breaker period.

POSB PAssion Run for Kids

  • Organised the first-ever virtual race edition in 2020; Largest charity kids run in Singapore is now in its 12th year.

  • Event saw 4,300 participants and raised more than SGD 760,000 for the POSB PAssion Kids Fund.

  • SGD 10 million has been raised to date for the POSB PAssion Kids Fund, with more than 605,000 children benefitting from some 170 programmes.

POSB Smart Nation, Sustainable Nation programme

  • Facilitated virtual lessons on digital payments and food waste for 2,200 students across some 70 classes.

POSB digital literacy programme

  • Supported seniors in transitioning to digital banking methods with personalised assistance from digital ambassadors at POSB branches. In 2020, the number of seniors aged 62 years and above who signed up to digibank rose by 2.4 times, as compared to 2019.

  • To amplify the programme’s reach, we partnered with the Infocomm Media Development Authority (IMDA), People’s Association (PA), RSVP Singapore – The Organisation of Senior Volunteers, NTUC U Live, the National Library Board (NLB) and The Council for Third Age (C3A).

  • Face-to-face workshops were converted to virtual sessions during the pandemic, with close to 1,000 seniors participating in 20 virtual workshops.

For Seniors

IMDA Seniors Go Digital programme

  • Collaborating with IMDA to provide digital banking and payment content for training booklet for 1,000 digital ambassadors, with the aim of benefitting 100,000 seniors by March 2021.

Subsidised banking services

  • In 2020, POSB waived banking fees for 1.7 million customers, including the young, seniors, national servicemen and those under financial assistance schemes.

Partnership with Singapore Prison Service (SPS)

  • POSB helped open 4,000 accounts for ex-offenders and waived all related banking fees to support their reintegration into society.

For the Community

Partnership with Migrant Workers’ Centre (MWC) and Centre for Domestic Employees (CDE)

  • POSB remains the only bank to work with MWC and CDE to set up banking accounts for some 500,000 migrant workers and 120,000 foreign domestic workers.

  • Amid Covid-19, processed some 41,000 digital banking accounts for migrant workers within a month.