Singapore bank DBS has developed a mobile payment platform that aims to allow parents in Singapore to purchase uniforms, pay for field trips and sign up for extra-curricular classes for their pre-school children.
DBS has partnered EduTech company, LittleLives, to enhance the latter’s app-based pre-school management system with real-time payment features. The app is used by one in three pre-schools in Singapore to update parents on their child’s development.
In Singapore, the early childhood education sector is still dependent on cash despite school fees being paid via GIRO or Child Development Accounts (CDA). For example, when paying for excursions, school uniforms or learning resources, parents often make payments using cash or checks and the school then makes arrangements to pay third-party vendors.
With payment functions built into the LittleLives app, pre-school operators can save up to 40 manhours per month on administrative tasks such as payments reconciliation, allowing them more time to engage with parents and their children. This addresses a recent DBS survey that revealed that one in four SMEs are looking to develop their digital business capabilities to improve productivity.
The LittleLives app is used by over 750 pre-schools in Singapore. The app can now enable pre-schools to generate invoices and parents to make payments through PayNow and DBS PayLah. Receipts will be generated automatically after payments are made. With access to real-time payment reports such as daily settlement and auto-reconciliation, pre-schools can better manage their finances more accurately and securely.
“Many young parents are time-strapped and juggling multiple responsibilities at work and at home. By enabling parents to conduct payments on the go, quickly and safely, they have more time to nurture and care for their children,” said Sun Ho (pictured, right), founder of LittleLives.
“Partnering a powerhouse like DBS will help us create a super app that will transform how pre-schools are managed. LittleLives can then create an amazing childhood education experience for both children and parents,” she said.
DBS and LittleLives have plans to roll out this payments gateway to other markets such as Brunei, Cambodia, China, Malaysia and Vietnam. This is made possible with DBS IDEAL RAPID, an API-enabled solution, that allows the bank and its partners to scale their services quickly and seamlessly.
First published in FinTech Innovation