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Raising Money Smart Kids in Malaysia: The Vircle Way

As parents, we’re always searching for ways to set our children up for success.

From teaching them to tie their shoes to helping with homework, every lesson we impart is a building block for their future. But one crucial aspect often overlooked is financial literacy.

Think back to your own childhood. How did you learn about money?

For many of us, it was through trial and error, with little guidance on how to make smart financial decisions. But with 53,000 Malaysian youths under 30 collectively owing nearly RM1.9 billion in debt, it’s clear that we need to do better for our children.

Enter Vircle, a groundbreaking neo-banking startup on a mission to empower parents and children alike with the tools they need to navigate the world of finance confidently.

Built by parents, for parents

For Gokula Krishnan Subramaniam, Vircle’s journey began with a simple observation of his own children’s spending habits.

He knew that his kids were not spending their allowances wisely.

Determined to make a change, he set out to create a solution that would revolutionise the way children learn about money.

And so, Vircle was born—a child-safe money management app designed with both parents and children in mind.

Financial literacy, made fun

Vircle is Malaysia’s first “child-safe” Visa prepaid card for kids, with functions to encourage the education of money management.

As parents, instilling a solid understanding of money and wise spending habits in our children is crucial. Vircle facilitates this by actively involving your kids in budgeting, setting savings goals, and making informed spending decisions.

  • Parental control: Vircle provides tools for you to oversee and ensure responsible spending habits.
  • Spending limits: You can set daily, weekly, or monthly spending caps on your child’s card, promoting budgeting skills
  • Transaction categories: Decide where your child can use the Vircle card, like for food, transportation, online games, and more. Worried about them spending money in places like vape shops? The cards won’t work there.
  • Hands-on learning experience: The Earn & Save feature encourages kids to earn money through chores and allocate allowances, teaching the value of hard work and saving.
  • Real-time transaction notifications: Receive instant alerts on your child’s spending habits.
  • Safety and education: Vircle is safer than other e-wallet providers in the country. Your kids can’t receive or send money to just anyone as the as the allowance is debited by you. The card is also not linked to any bank account; they can only spend what they’re allowed to.

Vircle strikes a balance between enabling children to manage their finances independently and giving you the reassurance that your child is making responsible decisions. This also encourages open discussions about money with your children, instilling essential financial skills that will support them throughout their lives.

What age is the Vircle Visa card good for?

You can issue a card to any child or dependent you may have. There is no age restriction for Vircle child accounts.

Each parent may have any number of children registered under their parent account as a dependent. There is no need to worry if they misplace the card. You can freeze it instantly if it’s lost! A child does not need a smart phone device.

Looking ahead: a brighter financial future for all

With a vision to bank 1 million Malaysian kids and reach 3 million children across Southeast Asia in the next five years, Vircle is just getting started.

With recent seed funding from prominent investors like Gobi Partners and Kumpulan Modal Perdana, Vircle is now well-equipped to expand its services and reach even more families across Malaysia. Predominantly used mostly in international schools, Gokula aims to introduce Vircle to public schools in Malaysia.

In 2021, they raised funds with the support of 500 Global’s 500 SEA III fund, 1337 Ventures, and angel investors.

The Vircle community

If you are keen to find out more about the Vircle Visa card, click here.

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