OCBC Bank has officially launched a new bank account designed specifically for children and teenagers aged 7 to 15.
The OCBC MyOwn Account allows young people to manage their finances through the OCBC app, with parental controls in place.
Following a soft launch on 15 October, 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.
This new offering 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 over 50% of the market share for the Child Development Account (CDA) in Singapore.
As part of a five-year collaboration with Disney, the MyOwn Account features debit cards with popular Disney and Marvel characters.
OCBC has also integrated financial literacy content into the account, including comics featuring characters Ralph and Vanellope from Disney’s Wreck-It Ralph.
This will focus on teaching children the importance of saving and prudent spending.
In addition to the account’s financial literacy tools, OCBC MyOwn Account customers can receive limited edition OCBC pins in “blind packs” for certain actions, such as opening an account or referring friends.
New-to-bank customers who open a MyOwn Account for their child will also receive a one-year Disney+ Premium subscription.
Helen Wong, Group CEO, OCBC, said,
“OCBC MyOwn Account enables kids and teenagers to learn good financial habits. This is through hands-on experience which I strongly believe is the best way to learn. They can use the OCBC app to make transactions and monitor their account balance.
They can explore the app to learn about the digital safety features that are available. But there must be balance. Giving kids and teens the opportunity to learn independently is important, but parents still play a key role. That is why parental controls are at the centre of the account’s design.”