High 5 : 25th August 2017 by Mr Farid

Good morning Madam Tan, Mr Lee, Mr Chung, Teachers and Gessians,

Last week, our Prime Minister Mr Lee Hsien Loong had mentioned three key issues in his National Day Rally speech. One of the key issues that he mentioned is making Singapore into a smart nation. Smart Nation is Singapore’s national effort to co-create a future of better living for all, through tech-enabled solution.

As a young generation of Singapore, we need to do self-reflection. Are we ready to be a smart nation? Are we prepared to accept changes and innovation? What is innovation? Why is innovation important? How does innovation affect our life? Innovation may be defined as exploiting new ideas, leading to the creation of a new product, process or service. However, innovation is often viewed as the application of better solutions that meet new requirements, unarticulated needs or existing market needs. In today’s High Five, I shall share with you about a product which is called the Smart Buddy Watch. Last Wednesday, on 16 August 2017, the POSB Bank has officially launched the Smart Buddy Watch in 19 Primary Schools.

What is the Smart Buddy Watch? What are the main features of the Smart Buddy Watch? Smart Buddy Watch is a digital watch that teaches children to manage their pocket money. The watch helps the students to track their savings and spending habits. Students can use the watch to pay for their purchases at school canteens and bookstores, where digital payment terminals have been set up. Parents can link their savings account with the mobile app and set a daily allowance limit. They can also send their child emergency money and monitor their spending, savings, eating habits and activity levels. Students who are on financial assistance schemes will receive their subsidies and allowances discreetly, doing away with the usual coupons or vouchers. The Smart Buddy Watch also functions as a fitness tracker. The upcoming features will include an in-school locator, which allows parents to track their child’s location within the school compound, and a school bus locator where parents can track the real-time location of the bus and be notified when the child boards or alights from the school bus.

What is so significant about the Smart Buddy Watch? How does such innovation improve our lives?

First, the Smart Buddy Watch prepares students to be future-ready for tomorrow’s technology. The students will learn how transaction works in e-commerce and e-payment. These are the knowledge that they have to know when they start working.

Second, it enhances student’s learning in the area of financial literacy. This technology raises awareness about savings and teaches students to manage their own pocket money. Financial literacy is an essential life-skill that you need to be equipped with, in order to make sound and informed financial decisions

Third, it helps their parents to supervise and educate their children. The parents monitor their children’s spending. They could educate their children on the differences between ‘needs’ and ‘wants’. They could train their children to be responsible adults.

Gessians, the Smart Buddy Watch is one of the initiatives that will make Singapore into a smart nation. It is an initiative brought by the POSB Bank to revolutionise students’ ways of managing their spending and saving. I believe the future generation of students in Singapore will using Smart Buddy Watch. In fact, I predict that there will be other banks in Singapore may consider having their own version of the Smart Buddy Watch.

There are three take aways that you should take note of:

First, change is the only constant. We have to keep ourselves relevant in the changing world.

Second, learning is an on-going process. We need to be kept updated about using new technology and skills.

Third, growth mindset is a key to success. We need to open our minds, to drive motivation and achievement.

Before I end my speech, I shall quote some inspirational words from Steve Jobs: “Sometimes when you innovate, you make mistakes. It is best to admit them quickly, and get on with improving your other innovations.” Let’s hope every Gessians will grow to be an Innovative Thinker. Onward, Gessians.

Thank you.