OCBC Bank is set to revolutionize digital banking for Singapore’s Generation Alpha with the launch of OCBC MyOwn Account, available from October 20, 2024. Designed for children aged 7 to 15, this innovative account allows minors to manage their own finances digitally, under the supervision of their parents, making OCBC the first bank in Singapore to offer such a service.
Previously, children under 16 could only hold joint accounts with their parents, with no direct access to digital banking. OCBC MyOwn Account fills this gap, giving young users the ability to make digital payments, track expenses, and manage savings through the OCBC Digital app. Parents remain in control, as they are required to open the account via their own OCBC app, from which they can monitor and manage their child’s activities. Parents can set transaction limits, receive real-time notifications, and oversee their child’s debit card usage—all from a dedicated dashboard.
The OCBC MyOwn Account offers significant benefits for children, especially as Singapore moves toward a cashless society. Young users will be able to scan merchant QR codes, use PayNow, and make contactless payments with a personalized debit card. This provides teens with more financial independence, allowing them to make purchases while out with friends, without relying on their parents’ cards.
The account is also designed to teach financial literacy, helping children learn to budget, track their spending, and develop responsible money habits. With parents able to guide their children through the process, this account is a key tool for early financial education. As part of OCBC’s ongoing efforts to support families, the MyOwn Account complements other offerings such as the Child Development Account and the Mighty Savers programme.
