OCBC Bank is offering Generation Alpha, the generation born after 2009, OCBC MyOwn Accountavailable from October 20, 2024.
The account, a first for Singapore, will enable children aged between seven and 15 years old to manage their finances digitally through the OCBC digital app, under parental supervision.
Currently, most children under the age of 16 hold joint bank accounts with their parents and have limited access to digital banking services.
OCBC MyOwn Account aims to bridge this gap by providing a platform where children can manage their own finances within the limits set by their parents.
Parents will need to open an account through their OCBC digital app, and their child will be sent an OCBC MyOwn debit card with a customisable design.
The account allows children to make digital payments such as scanning QR codes and using PayNow, as well as contactless payments with a debit card.
Through a separate dashboard on their OCBC Digital app, parents can monitor their children’s financial activities in real time, including tracking transactions, setting limits and receiving notifications.
In addition to providing a digital banking platform, OCBC MyOwn Account also aims to foster early financial literacy.
Parents can teach their kids about money saving and management using this app, which has features to make the learning process engaging.
The account also includes safety measures, such as the ability to lock funds or freeze the account if necessary.
This new product OCBC It is the culmination of 18 months of research into the needs and behaviour of parents and children.
The bank has seen growing demand for personal bank accounts among teenagers, with a 25% increase in account openings by those aged 16 and over from 2022 onwards.
To complement the launch, OCBC will also roll out financial literacy programmes targeted at Gen Alpha, covering topics such as budgeting, expense tracking and online safety.
The content will be delivered through engaging comics available on the OCBC Digital app.
The first 1,000 parents who register their child for an OCBC MyOwn Account will receive a limited edition gift.
“OCBC is committed to providing the best possible customer service to our customers,” said Sunny Quek, head of global consumer financial services at OCBC.
“Leveraging our strengths as a regional leader in wealth management, we have been able to develop a comprehensive suite of products to meet the financial needs of parents and children.
This continues through the early childhood years, teenage years, tertiary education and even first employment. OCBC MyOwn Account is another example of a unique proposition and we believe it will help us become an even stronger player in this space.”
Featured Image Credit: Free Pick
