The app for under 18 users, will also allow parents to keep track of their child's expenses.

Banking used to be a hassle for many with a lot of paperwork, visits to the bank and at times queues involved, before technology came forward with solutions to simplify management of finances, via online and phone banking. The past few years saw tremendous progress in the e-banking sector, thanks to smartphone apps which allowed people to open accounts, track their transactions and pay their bills digitally.

Fintech apps equipped with AI not only make registrations easier, but have also deployed smart systems to manage investment portfolios for users, prompting young netizens to take an interest in money management. After witnessing the launch of several innovative initiatives including the world's fully Islamic bank, UAE is now set to welcome a banking app designed specifically for those aged under 18.

The prepaid debit card and smartphone app for teens, will be available in the Emirates within a matter of weeks, and will allow parents to monitor the expenses of their children, so that their transactions can be controlled. Branded as Edufundo, the platform is also aimed at strengthening money management skills among teenagers across the Emirates from a young age.

After noticing that even a lot of adults lack the skills to spend money effectively, the founders behind Edufundo created the app to encourage teens to use their cash while understanding the importance of saving up for the future. It has also been described as the world's first smart app, which is designed by teachers to make banking easier for kids under 18.

The move to educate children about financial management via fintech, enhances convenience in banking, along with an app that verifies identity for new accounts using biometrics, scanned via smartphones. The debit card issued by Edufundo can also be used at stores across the globe and online as well.

Soon to be launched in the UAE, the app that encourages teenagers to make financial decisions for themselves, will also be rolled out across the gulf by next year.