OCBC has introduced OCBC GENesis, a regional programme aimed at the children of OCBC Premier Private Client (PPC) customers.
This initiative follows the success of similar programmes by OCBC‘s private banking arm, Bank of Singapore, and is designed to strengthen relationships with existing clients while engaging the next generation.
OCBC GENesis is an invitation-only programme that builds on the legacy of Bank of Singapore’s next-generation programme, which has been running since 2012.
Both OCBC’s PPC and Bank of Singapore cater to the needs of high and ultra-high-net-worth clients within the OCBC Group.
As intergenerational wealth transfer accelerates in Asia, with an estimated US$2.5 trillion expected to be passed on by 2030, understanding the evolving needs of young high-net-worth individuals is crucial.
Launched in 2018, OCBC PPC serves high-net-worth individuals in Singapore and Malaysia.
The OCBC GENesis programme was initially piloted in 2019 for premier Singapore customers and has now been officially launched, including participants from Malaysia.
The programme will be expanded to other markets as the business model develops.
OCBC GENesis aims to equip participants with essential business skills.
The inaugural session, held from 17 to 19 July 2024, included 21 participants aged 18 to 25 from Singapore, Malaysia, Indonesia, China, and Australia.
The programme covered personal profiling assessment, investing basics, legacy planning, and design thinking to solve problems innovatively.
Participants also visited MasterCard to learn about the future of payments and interacted with third-generation business owners who shared their experiences and insights.
The programme complements OCBC PPC’s comprehensive suite of products and services, which includes basic trusts for estate planning, complex insurance products, and exclusive investment opportunities typically available at a private banking level.
This initiative aligns with OCBC’s strategy to capitalise on the growing wealth in Asia.
Sunny Quek, Head of Global Consumer Financial Services, OCBC said,
“We have noticed that our PPC customers are increasingly concerned about preserving their wealth across generations. It complements our existing suite of solutions for PPC customers and strengthens our proposition.
Through this programme, we are not only deepening our relationship with existing customers, but also seizing the opportunity to showcase our value proposition to a new generation of customers. They may be young students now, but one day they would need more sophisticated banking needs. We want to start building our relationship with them early.”