Visa gamifies financial literacy in Malaysia

Visa is gamifying financial literacy for young Malaysians.

The payments provider has developed a web game that will challenge players each month to make financial decisions, which will be simulations of real-life events. 

The game is called Mind Your Ringitt, derived from the acronym MYR, which is the international code for the Malaysian Ringgit.

The one-year simulation-based game will challenge how young Malaysians manage finances, teach them financial concepts, and help them understand the consequences of the decisions they make. 

The game incorporates financial themes such as digital payments, financial scams, insurance, investments, loans and savings. 

The game is currently in pilot testing with a closed group and is planned for public launch in early 2021.

It forms part of Malaysia’s Financial Literacy Month 2020 and is also in support of the financial literacy efforts driven by the Financial Education Network, co-chaired by Bank Negara Malaysia and Securities Commission Malaysia.

"We continue to be committed to creating new and relevant financial education programs that ensure Malaysians are equipped with the knowledge to manage their finances," said Ng Kong Boon, Visa country manager for Malaysia. "Mind Your Ringgit is a creative way that adopts a digital approach towards helping young Malaysians learn how to balance their money, health and happiness based on real-life scenarios."

Encik Azaddin Ngah Tasir, the CEO of Agensi Kaunseling dan Pengurusan Kredit, Malaysia's Credit Counselling and Debt Management Agency, said the game is "apt and timely".

"It has always been our aspiration to create a financially savvy society, especially among the young adults," said Ngah Tasir. "The situation has now become even more challenging due to the unprecedented pandemic Covid-19 that warrants behavioural changes and new ways of doing things in adapting to the new norm."