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POSB
HIGHLIGHTS IN 2021
Neighbours first,
bankers second
Since our founding in 1877, POSB takes pride in serving generations from all walks of life. While our neighbourhoods and lifestyles have changed with the times, we remain the “People’s Bank” that provides pioneering solutions that make banking simpler for all segments of the population. They include children, young adults, families, seniors and the community at large. By widening our reach in the community through various initiatives, we remain committed to bringing value to our customers in Singapore.
POSB Smart Buddy Programme
We continued to expand the world’s first integrated in-school savings and payments programme to more schools. The POSB Smart Buddy programme, which was launched in 2017, creates a contactless payments ecosystem within the school environment to help cultivate sensible savings and spending habits among young students in an interactive, engaging manner.
In 2021, some 40,000 students across 80 schools have adopted Smart Buddy smartwatches and cards for digital payments. Students and their parents are able to track spending and savings patterns via the Smart Buddy mobile app in real-time. 36 schools are utilising Smart Buddy to disburse government subsidies to more than 3,500 students under the MOE Financial Assistance Scheme.
POSB PAssion Run for Kids
We organised our first-ever hybrid POSB PAssion Run for Kids incorporating onsite activities and a virtual race in 2021, bringing Singapore’s largest charity kids run event into its 13th year.
More than 2,400 participants took part and raised over SGD 800,000 for the POSB PAssion Kids Fund.
To date, SGD10.8 million has been raised, with more than 700,000 children benefitting from 182 programmes. This included partnering the North East Community Development Council to introduce the North East G!nnovation Challenge to schools in the North East District to promote the use of innovation to help solve today’s environmental challenges.
Financial literacy workshops for youths
We collaborated with the National Library Board, People’s Association, schools and social service agencies such as APSN, to organise 58 financial literacy workshops for more than 2,300 students and youths, including those with special needs.
POSB remains the only bank to work with the Migrant Workers’ Centre and Centre for Domestic Employees to set up banking accounts for more than 640,000 migrant workers and foreign domestic workers. Some 67% of them use the POSB digibank app to conduct their banking transactions today. In 2021, remittance volumes for work permit holder accounts grew, with the number of remittances increasing by 23% year-on-year.
We also piloted the use of data analytics and robotics in one of our POSB 24/7 self-service branches to better serve our customers. For instance, Temi robot has been deployed in the branch to help remind customers to adhere to safe management measures.
POSB digital literacy workshops
We continued to support seniors in their transition to digital banking with our digital ambassadors providing personalised assistance at our branches.
We also deepened our partnership with the Infocomm Media Development Authority, People’s Association, RSVP Singapore – The Organisation of Senior Volunteers, NTUC U Live, the National Library Board and The Council for the Third Age to enhance the digital literacy of our seniors.
In 2021, we organised more than 120 face-to-face and virtual ePayments workshops, engaging more than 5,700 seniors in Singapore.
