This first-of-its-kind account in Singapore enables today’s kids to take the first step into financial independence and literacy
SINGAPORE: OCBC announced on Tuesday that it is introducing digital banking to children and teens ages seven to 15 through the OCBC MyOwn Account, which starts on Oct 20, 2024.This first-of-its-kind account in Singapore enables today’s Gen Alpha, born after 2009, to take the first step into financial independence and literacy.
While parents still need to open the OCBC MyOwn Account for their kids, what sets it apart is that kids aged between seven and 15 will be able to operate their own bank accounts digitally via the OCBC Digital app, with parents setting the boundaries and controls for the account.Parents can then download the OCBC Digital app on a separate smartphone, and their child can create a username and password to access their bank account digitally.
OCBC MyOwn Account is especially useful for teens, who can make payments digitally without asking their parents, given today’s increasingly cashless times. They’ll also be able to see the ins and outs of their account through a simpler dashboard on their OCBC Digital app. At the same time, parents will be able to see all the account activity.Parents can also set transaction limits on the account and debit card, update their child’s contact details, receive notifications on all their child’s account activities, reset their teen’s card and PIN, and report a lost debit card.
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