OCBC Bank is set to offer Generation Alpha—children born after 2009—their own digital bank accounts through the OCBC MyOwn Account, available from 20 October 2024.
This first-of-its-kind account in Singapore allows children aged seven to 15 to manage their finances digitally via the OCBC Digital app, under parental supervision.
Currently, most children under 16 have bank accounts that are jointly held with their parents, limiting their access to digital banking services.
The OCBC MyOwn Account aims to fill this gap by providing a platform where children can manage their finances within boundaries set by their parents.
Parents must open the account via their own OCBC Digital app, and children will receive an OCBC MyOwn Debit Card with customisable designs.
The account allows children to make digital payments, such as scanning QR codes or using PayNow, and make contactless payments with their debit cards.
Parents can monitor their child’s financial activities in real-time through a separate dashboard on their own OCBC Digital app, including tracking transactions, setting limits, and receiving notifications.
In addition to providing a digital banking platform, OCBC MyOwn Account aims to foster early financial literacy.
Parents can use the app to teach their children about saving and managing money, with features designed to make the learning process engaging.
The account also includes safety measures, such as the ability to lock funds and freeze accounts if necessary.
This new offering from OCBC comes after 18 months of research into the needs and behaviors of parents and their children.
The bank has seen a growing demand for individual bank accounts among teenagers, with a 25% increase in account openings for those aged 16 and above since 2022.
To complement the launch, OCBC will also roll out a financial literacy programme aimed at Gen Alpha, covering topics such as budgeting, expense tracking, and online safety.
The content will be delivered through engaging comic strips available on the OCBC Digital app.
The first 1,000 parents who register their children for the OCBC MyOwn Account will receive a limited-edition gift.
Sunny Quek, OCBC’s Head of Global Consumer Financial Services, said,
“By leveraging our strengths as a regional leader in wealth management, we have been able to develop a comprehensive suite of products that caters to parents’ and children’s financial needs.
This spans infancy, teenage and tertiary education years, and even extends to when they get their first jobs. OCBC MyOwn Account is another example of a unique proposition, and we believe that it will help us to become an even stronger player in this segment.”
Featured image credit: Edited from Freepik
