Little Wallet shakes hands with VIB to promote financial literacy among Vietnamese kids and teens

Ninety-five per cent of Vietnamese parents think it is importantto teach kids about money. But only 20 per cent do this on aregular basis, due to a lack of time and resources. This is apositive indication that financial education among children is ahot topic and a top priority for Vietnamese parents in the digitalage, where digital payments are gradually replacing cash.However, financial education is not part of the Vietnamese K-12education system.

Little Wallet, which was the first to pioneer the concept of“Family Banking” in Southeast Asia, is here to help parentsteach their kids how to build good money habits, from earning to spending, budgeting, and saving. This is achieved through acombination of learning theory through edtech and practicingthrough fintech. Little Wallet’s FinLit Program, built by a teamof global financial experts from Harvard, global bankers, CEOs, and university professor, follows US national standards in financial literacy and has been localized to match Vietnam’s financial system.

Little Wallet marked its first footprint in the Vietnamese market by partnering with one of the country’s leading commercial banks, VIB, who also targets the family segment with its VIB Family Link, pay 0 per cent interest on education expenses for children and reward for every family spending, to enhance the financial experience.

“As a leading bank in personalizing the customer experience with unique and advanced technology products and services that offer outstanding benefits for specific customer needs, the companionship between VIB and Little Wallet is part of the bank’s strategy to optimize the customer journey,” said Tuong Nguyen, Head of the Card Strategy & Operations Center at VIB. “The strategic partnership has the goal of enhancing the financial capabilities of the younger generation in Vietnam and optimizing the financial experience for all Vietnamese families in the digital age and beyond.”

“Visa is dedicated to promoting worldwide financial education and literacy while backing the global fintech industry,” said Ms. Dung Dang, Visa Country Manager of Vietnam and Laos. “This is illustrated through our ten-year Financial Literacy Program with the Central Committee of the Vietnam Students’ Association (CCVSA) and partnerships with Little Wallet as a selected startup for the Visa Fintech Fast Track Program. Furthermore, the timely partnership between VIB and Little Wallet in Vietnam, with support from Visa, addresses the need for reliable financial advice for young people in the context of their strong interest in building personal wealth. This comes as more Vietnamese consumers are saving more money for the future while also tracking expenses more closely. The Visa Consumer Payment Attitudes Study 2022 showed that 80 per cent of consumers say they are saving more and 95 per cent of consumers set a budget for household expenditures and monitor household expenses.”

With this partnership, Little Wallet and VIB are ready to launch the most complete financial application to help Vietnamese families raise financially-smart kids. This is a much-needed step in financial education to fully prepare the country’s younger generation for the future.

Little Wallet, a US Venture Capital-backed startup from Tikaani Partners, was founded by two INSEAD global executive MBA classmates. Rahul Sharma is a former banking technologist with over 25 years of fintech experience at DBS and Deutsche Bank, while Phoebe Tran is a commercial director with over 15 years of experience working for Facebook and Google. Learn more about Little Wallet at https://www.littlewallet.co/.