Innovation Challenges

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Gamification for Better Investment Decisions (closed)

The Investment Management Association of Singapore
This challenge has closed.
Tags: Gamification, Digital, Applications, Investment, Investment Decisions
Audience: Students, Researchers, Start-Ups, Businesses, Subject Matter Experts, Other
Anticipated Funding: SGD 50,000
Applications close: February 14, 2020
Last Updated: February 16, 2020 10:05 PM
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The Challenge

The Investment Management Association of Singapore (IMAS) was formed in 1997, to represent a body of investment managers in the investment and fund management industry.

Currently, the industry is heavily dependent on financial intermediaries (FIs) such as banks, insurance companies, securities brokerages and platforms to distribute products to end investors in Singapore. FIs are paid a fee (i.e. trail fee) and/or transaction commission for their distribution role. While every individual investor’s investment objectives are different, the advice and products sold to end investors are typically those which earn the FIs the highest commission / income, without discerning the true needs of the investor.

The public’s lack of familiarity with investing in assets (i.e. including stocks, Exchange-Traded Funds, Real Estate Investment Trusts, mutual funds, Singapore Government Securities, Singapore Savings bonds, Investment-Linked Policies, etc.) and lack of understanding of the characteristics of various assets result in issues like high sales charge levied on them without their realisation, high total expense ratio, misalignment of interests between the distributors and investors, and overtrading of mutual funds. This in turn affects the retail investor’s experience negatively, with them receiving below expected investment returns due to high costs. Thus, new or potential retail investors are often too intimidated to invest and/or have a preference for short-term quick gains.

By leveraging on technology, as well as the mechanics and dynamics of a gamification to create an accessible and sustainable platform for investment education, IMAS hopes to educate retail investors about the basics of investing, so as to facilitate healthier and more informed savings and investing habits, empowering them to make more informed decisions regarding their investment choices. The target audience can be from the middle-class working and early-working professionals who may have an interest in investing but do not have enough knowledge or motivation to do so.

The Problem Statement

How might we utilise a gaming platform to build investment knowledge and learn the basic principles of investing for retail investors for better and well-informed investment decisions?

What They Are Looking For

  • A prototype solution that teaches the basic principles of investment to the public through simple gameplay based on real historical data. The solution is meant to be targeted at the underserved general public with a focus on the middle-class working and early-working professionals who may have interest in investing but do not have enough knowledge or motivation to do so.
  • The solution should include overall concept for the gameplay and how the investment content is incorporated. It should take into consideration the following:
    • A safe environment for users to have the freedom to fail, experiment and choose different scenarios to play, based on real historical data.
    • It should allow for different investment scenarios/market conditions to enable players to make investment decisions in varied investment landscape to learn how to navigate the markets.
    • Ability to build investor profiling and risk assessment to allow players to understand their investment objectives (e.g. income vs capital gains), suitability for passive vs active investing and risk profiles
    • Be fun, easy to play and engaging for the broader public, especially those who have not considered or are not investing actively.
    • Ensure game accessibility in terms of intuitiveness of gameplay and being able to stop midway and continue easily is extremely important. Allow for easy plug-and-play for third-party software to leverage on its subscribers’ insights.
    • The solution should be user friendly, developed on a scalable and robust backend system. As it will be capturing end client’s data and user patterns, the solution should ensure it adheres to necessary data compliance and protection regulations.
    • The solution should have a rewards feature to incentivise constant and repeated play
    • The solution should not take too long to load or use progressive indicators when loading
    • It would be good if the solution can be expanded to be a social platform where friends and family can play together, communicate and even compete.

There are no restrictions on the geographic location of the problem solvers who may choose to apply to this challenge. However, the prototype needs to be demonstrated in Singapore.

Eligibility Criteria

There are no restrictions on the geographic location of the problem solvers who may choose to apply to this challenge. However, the prototype needs to be demonstrated in Singapore.

You, (or any of your teammates, if you are participating in the Challenge as a team) must not be a current employee of (a) IMAS, or (b) any other organisation who is involved in administering or organising the Challenge (including IMDA).

For full details on this challenge please see the SG:D Open Innovation Platform website.

Terms and Conditions

For full details on this challenge please see the SG:D Open Innovation Platform website.

How to Apply

To apply for this challenge please see the SG:D Open Innovation Platform website.

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Partners

The Department of Industry, Innovation and Science
The Conversation Media Group
IP Australia
Clarivate Analytics
The Australian Research Council
ACT Government
Australian Access Federation
Australian National University
https://aprintern.org.au/
https://ardc.edu.au/
BHERT
CBR Innovation Network
Coalfacer
https://www.nera.org.au/
http://www.oninnovation.com.au/
ORCID
University of Canberra
University of Technology Sydney
thinkable
Western Sydney University
https://womeninscienceaust.org/