From left: Sunny Quek (Head of Global Consumer Financial Services, OCBC), Sun Xueling (Minister of State, Ministry of Home Affairs & Ministry of Social and Family Development) and Helen Wong (Group Chief Executive Officer, OCBC), officially launched the OCBC MyOwn Account at the OCBC Wisma Atria branch. Photo: OCBC.
OCBC has officially launched the OCBC MyOwn Account, a bank account designed for teenagers and older children aged between seven and 15 can operate via the OCBC app, within the boundaries set by their parents.
Parents who were existing OCBC customers could open an OCBC MyOwn Account for their children via the OCBC app when the app underwent a soft launch on 15 October 2024. In the time since then, more than 1,000 OCBC MyOwn Accounts have been opened with OCBC saying that it has set a target of opening 100,000 accounts within a year.
Empowering children with financial literacy
Photo: OCBC.
The goal of setting up MyOwn Account is to teach children financial literacy. It teaches children to be financially independent, giving them a “hands-on” experience of digital banking with supervision from parents. The children can operate and monitor their own bank account, use a debit card, or make PayNow transactions through the OCBC app.
To prevent things from going wrong, the account comes with parental controls and security measures like:
- Parents are the only ones who can open the OCBC MyOwn Account for their children.
- Parents can supervise their children’s account activities in real time via the separate dashboard of their child’s account on their own OCBC app.
- Only parents can set daily transaction limits on the account and debit card, to prevent indiscriminate spending. Children cannot change this setting on their own OCBC app.
Photo: OCBC.
With the aim of teaching children financial literacy, OCBC has created financial literacy content in the form of comics featuring Ralph and Vanellope from Disney’s Wreck-It Ralph. OCBC’s wealth management experts have weaved in concepts like the importance of saving and prudent spending into activity sheets and resources that come with the comics. The content is free to be downloaded and used by parents and teachers to impart financial literacy education.
Get rewards for signing up
Photo: OCBC.
The launch also marks the start of a five-year collaboration between Disney and OCBC.
OCBC MyOwn Account customers in Singapore will be the first in Southeast Asia to take home debit cards with special Disney or Marvel designs featuring Stitch, Elsa and Anna, Spider-Man, Captain America, and Black Panther.
OCBC MyOwn Account customers can redeem one of 20 limited edition OCBC pins with Disney, Marvel and Pixar character designs, in “blind packs” while stocks last, when they perform any of these actions:
- Successfully open an OCBC MyOwn Account and deposit at least S$10
- Deposit at least S$500 into their OCBC MyOwn Account (limited to two pin redemptions per customer)
- Refer a friend to open an OCBC MyOwn Account (each referral will entitle the customer to redeem one OCBC pin, with no limit on the number of referrals that can be made)
In addition, new-to-bank OCBC 360 Account customers who open an OCBC MyOwn Account for their child will receive a one-year Disney+ Premium subscription.
Photo: OCBC.
With the official launch of MyOwn Account at OCBC Wisma Atria, the branch is now decorated with three informative photo zones featuring Disney and Marvel characters. Each zone focused on one aspect of financial literacy, saving, spending, and using digital banking safely. The Disney and Marvel-themed photo zones at the branch will be available until 30 November 2024 to all consumers.
Our articles may contain affiliate links. If you buy through these links, we may earn a small commission.