OCBC Bank has officially launched a new bank account specifically designed for children and youth aged 7 to 15 years.
of OCBC My Own Account With parental controls in place, young people can manage their household finances through the OCBC app.
After its soft launch on October 15, the OCBC MyOwn account has already generated significant interest, with nearly 8,000 pre-registrations.
OCBC aims to open 100,000 MyOwn accounts within the next year.
The new service builds on OCBC’s history of providing financial products for children, including the Mighty Savers program, which has attracted 200,000 young savers since its launch in 2007.
OCBC also holds more than 50% of Singapore’s Child Development Account (CDA) market share.
as part of 5 years of collaboration with DisneyMyOwn Account features debit cards featuring popular Disney and Marvel characters.
OCBC has also integrated financial literacy content into the account, including a cartoon featuring characters Ralph and Vanellope from Disney’s Shrek-It-Ralph.
This will focus on teaching children the importance of saving and spending wisely.
In addition to financial literacy tools in their accounts, OCBC MyOwn Account customers can receive limited-edition OCBC pins in “blind packs” for certain actions, such as opening an account or referring a friend.
New bank customers who open a MyOwn account for their child will also receive a one-year Disney+ Premium subscription.
OCBC Group CEO Helen Wong said:
“Using OCBC MyOwn Account, children and youth can learn good financial habits, and I strongly believe that this is best learned through hands-on experience. You can trade and monitor your account balance.
Explore the app to learn about the digital safety features available. But there has to be a balance. Although it is important to provide children and adolescents with opportunities to learn independently, parents still play an important role. That’s why parental controls are at the heart of account design. ”
