Investing has become easily accessible as technology advances, but that does not sufficiently translate into better financial knowledge. Edrea Lee, co-founder of Vespid, aims to close the gap through the introduction of a gamified financial literacy platform that rewards users with incentives.
Amid the emergence of robo-advisory platforms and digital brokers, the Malaysia Financial Literacy and Capability (MYFLIC) Index improved to 62.9% in 2024 from 60.2% in 2021, according to Bank Negara Malaysia’s Financial Capability and Inclusion Demand Side Survey 2024.
The improvement was due to growing awareness of financial products and concepts, supported by the prevalence of technology and digital literacy platforms.
Many Malaysians continue to feel a lack of clear and reliable information on financial products, which affects their financial decision-making, Lee observes.
Vespid started as a platform dedicated to demystifying stock investing and financial fundamentals through accessible, easy-to-understand content, conceived during a teh tarik session among Malaysian students at the University of Michigan.
Lee says, “When you think of financial knowledge, you don’t really think much about apps or games. This is what we are doing.”
They pivoted from a stock-trading platform to a gamified financial literacy platform after researching similar innovations, such as Zogo, a financial literacy app that teaches users about money through short, interactive lessons and rewards them for learning.
According to Lee, the education feature in the beta version of the stock-trading app received the most positive user feedback, prompting the pivot to focus on financial literacy and education.
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Vespid moves beyond traditional financial education methods by offering bite-sized lessons on budgeting, saving, and investing through interactive activities, quizzes, and milestones.
Users begin by downloading the application from the Apple App Store and Google Play Store and creating an account, then are guided through a series of financial literacy lessons.
As users progress, they complete quizzes and challenges that test their understanding of each topic, with progress tracked through the learning journey.
The platform uses elements such as milestones and achievements to encourage users to continue learning and return to the app regularly.
Users can redeem rewards such as Touch ’n Go eWallet cash vouchers and Zus Coffee discount vouchers as they accumulate points and climb the leaderboard.
The company has tapped various start-up support programmes and ecosystems, including the University of Michigan’s optiMize Social Innovation Challenge and PayNet Fintech Hub, and in June, received funding under CIP Spark, an early-stage start-up grant.
Lee wants to make financial knowledge more accessible in Malaysia, believing that more Malaysians should be equipped with the knowledge and tools to grow their wealth through education and access to financial knowledge.
They believe this will lead to better financial decision-making.
