OCBC Bank is set to launch Singapore’s first digital banking account for children and youth between the ages of 7 to 15 from Oct. 20, 2024.

The OCBC MyOwn Account will allow them to have an account registered in their name.

Parents will need to open these accounts on their behalf via the OCBC Digital app.

An OCBC MyOwn Debit Card will be provided with the account.

Account holders will be able to utilise digital payment methods such as scan-and-pay merchant QR codes and PayNow independently.

OCBC noted that the target users are of a young age, and said parents will still be able to monitor their child’s usage through a parent-and-child-view dashboard, which allows parents to receive notifications for every transaction.

Parents will also be able to set transaction limits, reset passwords, and track debit card usage.

Digital payment methods normalised

As Singapore advances towards becoming a Smart Nation, more merchants and essential services such as transport are going cashless.

By availing individual bank accounts to those below the age of 16, OCBC MyOwn account seeks to close the gap for those not yet eligible for traditional banking services.

Currently, the minimum age to open a bank account is 16 years, and the younger users who do have bank accounts are joint account holders with their parents.

OCBC’s Head of Global Consumer Financial Services Sunny Quek emphasised the importance of the initiative, saying:

“Gen Alpha has never known a world without digital technology, but digital banking may be the one area they are not familiar with yet. OCBC MyOwn Account addresses this in a thoughtful way."

In conjunction with the launch of the new account type, a financial literacy program tailored for Generation Alpha will also be launched on the OCBC Digital Banking app.

Focusing on budgeting, online safety and scam protection measures, this program will feature comic strips and characters to make learning informative and enjoyable.

Educating youths on financial literacy

A study conducted by OCBC over a period of 18 months found that parents of children under 16 had expressed a desire to give their children financial independence and exposure to digital banking basics from a younger age, while still being able to supervise their child’s financial behaviour.

The number of teenagers who had opened an account at the age of 16 has risen by 25 per cent year-on-year since 2022, said OCBC.

Children and youth who sign up for the account can choose the design for their OCBC MyOwn Debit Card.

To make the deal more enticing, the card will also unlock exclusive deals at frequent youth haunts, such as at bubble tea shops, stationary shops and even with various e-commerce platforms online.

The benefits to youth of school-going age include convenience and accessibility.

OCBC quoted a 14-year-old secondary school student sharing about the anticipated convenience of going out with friends, and being able to use their own debit card to pay for meals and rent a bicycle through a bike-sharing app.

How to open an account

Parents who wish to pre-register their interest can do so via this link: go.ocbc.com/MyOwn

The first 1,000 children to be registered by their parents and who successfully sign up for the OCBC MyOwn Account will get an additional limited edition mystery gift.

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Top photo via OCBC