OCBC has introduced OCBC GENesis, a local programme targeted at the children of OCBC Premier Private Client (PPC) customers.
This initiative follows the success of similar programs such as: OCBCThe programme, a subsidiary of Bank of Singapore’s private banking arm, aims to strengthen relationships with existing clients while attracting the next generation of customers.
OCBC GENesis is an invitation-only programme that continues the tradition of Singapore Bank’s Next Generation programme, which has been running since 2012.
Both OCBC’s PPC and Bank of Singapore cater to the needs of high net worth and ultra-high net worth clients within the OCBC group.
Intergenerational wealth transfer is accelerating in Asia, with an estimated US$2.5 trillion expected to transfer by 2030, so understanding the changing needs of young wealthy people is key.
OCBC PPC was established in 2018 and serves high net worth individuals in Singapore and Malaysia.
The OCBC GENesis programme was first piloted in 2019 with key customers in Singapore and has now been officially launched to include participants from Malaysia.
The program will be expanded to other markets as the business model evolves.
OCBC GENesis aims to equip participants with essential business skills.
The inaugural session, held from 17 to 19 July 2024, attracted 21 participants aged between 18 and 25 from Singapore, Malaysia, Indonesia, China and Australia.
The program covered topics such as personal profiling assessment, investment fundamentals, estate planning and design thinking for innovative problem solving.
Participants visited Mastercard, learned about the future of payments, and engaged with third-generation business owners who shared their experiences and insights.
The program complements OCBC PPC’s comprehensive suite of products and services, which include basic trusts for estate planning, complex insurance products and exclusive investment opportunities typically offered at the private banking level.
The initiative is in line with OCBC’s strategy to capitalise on growing wealth in Asia.
“OCBC is committed to providing the best possible customer service to our customers,” said Sunny Quek, head of global consumer financial services at OCBC.
“We have noticed that PPC’s clients are increasingly interested in safeguarding their assets across generations, and this complements the existing suite of solutions for PPC clients and strengthens our proposition.”
Through this program, we are not only deepening our relationships with our existing customers but also seizing the opportunity to showcase our value proposition to a new generation of customers. They may be young students today but one day they will require more advanced banking needs and we want to start building relationships with them early on.”
