With an aim to promote personal finance knowledge and saving habits in children, Hong Kong startup Mellow has launched a personal finance app, offering a solution for parents to teach their kids on ways manage their finances and achieve their personal goals.
The Mellow app allows kids to record their income and expense items, such as pocket money and transport fares, continuously, fostering a long-term habit among the children.
The records are also available to the parents, as “we know that parents sometimes worry about how their children spend money,” says Teresa Chan, co-founder of the startup.
“Mellow allows parents to understand their children’s spending and saving habits, so that they can guide the children to spend money properly.”
Users can customize their personal finance goals in Mellow, by creating a wish list of items they want to purchase, motivating them to be responsible with their money. As an attractive feature, the startup designed a variety of cartoon stickers as rewards for children who complete tasks such as logging in daily in a given period, and set up wish lists.
Co-founded by Chester Szeen and Teresa Chan, the startup participated in the Cyberport University Partnership Programme (CUPP) in 2017, and received funding from the Cyberport Creative Micro Fund.
The Cyberport incubatee launched its Mellow app last March, and has recorded about 1,500 downloads so far.
The founder duo told the Hong Kong Economic Journal that they are in talks with Global Cash, a Stored Value Facility (SVF)-licensed operator in the city, with a plan to launch a Global Cash Mastercard pre-paid card, allowing children to use the card to purchase at any merchant or online store that accepts Mastercard.
“For now, the kids have to type in all the income and expense items into the app, which is an inconvenience for them.” Butwith the pre-paid card, all the consumption records would be clearly visible on the Mellow app, Szeen noted.
In other initiatives, the founder duo plans to create a “freemium” model for the Mellow app, with paid features to create a new income source.
The full article appeared in the Hong Kong Economic Journal on May 16
Translation by Ben Ng
[Chinese version 中文版]
– Contact us at [email protected]