Six-year-olds are about to dive into the world of cryptocurrencies. Fintune is giving them the financial tools for the future.
In times of in-app payments, buy-now-pay-later, and cryptocurrencies, «teaching fundamental skills about finance to the next generation has become even more important,» Fintune co-founder Ruth Mojentale, tells finews.asia.
The fintech's next iteration will focus partly on financial literacy, as soon as it has the financing from its current funding round. New learning features will allow parents and children to explore concepts including cryptocurrencies, staking, and non-fungible tokens.
Too Young For a Mobile
The kids banking application Finny app is aimed at children between six and twelve years old. Another addition will include a wearable payment solution for children too young to own their own mobile phone.
The electronic piggy bank with Swiss roots went live in 2020 in Austria and Germany. Yet the banking app won't be rolled out in Switzerland anytime soon because Swiss restrictions for third parties to access client data make it more cumbersome than in the EU, where the Open Banking standard PSD2 is in place.
In Switzerland, Credit Suisse launched its digital piggy bank, Digipigi, for children in 2017. Former bank employees, including Mojentale, left to build their own kid's banking app afterward.
Miles Behind
Last week U.S. Greenlight, a company that helps children budget, save, and invest in stocks, said it is planning to go public in the next 12 to 18 months, as the «Wall Street Journal» (behind paywall) reported.
«In Europe, we are miles behind with financial education solutions for young children,» Mojentale, tells finews.asia.
