OCBC Bank has launched its regional next-generation program, OCBC GENesis, aimed at the children of high-net-worth clients. This initiative seeks to strengthen relationships with existing clients and forge new connections with their heirs.
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OCBC GENesis, an exclusive by-invitation program, builds on the success of a similar initiative by OCBC’s private banking arm, Bank of Singapore, which has been operational since 2012. With an anticipated $2.5 trillion in intergenerational wealth expected to transfer to the next generation in Asia by 2030, understanding the evolving needs of high-net-worth individuals is crucial.
The OCBC Premier Private Client (PPC) program, which serves high-net-worth individuals across Singapore and Malaysia, was launched in 2018. OCBC GENesis, initially piloted with Singaporean PPC clients' children in 2019, has now officially expanded to include the children of PPC clients in Malaysia. This program will be held annually and will be introduced to other markets as it gains traction.
The inaugural OCBC GENesis event took place from July 17 to 19, 2024, and brought together 21 young adults from Singapore, Malaysia, Indonesia, China, and Australia. Participants, aged 18 to 25, included students and young professionals, some of whom work in their family businesses. The program offered a variety of activities, including personal profiling assessments, basics of investing and legacy planning, and design thinking workshops. Highlights included a visit to MasterCard to explore future payment trends and interactions with successful third-generation business owners.
OCBC GENesis complements the existing PPC suite of services, which includes estate planning, advanced insurance products, and exclusive investment opportunities. Sunny Quek, Head of Global Consumer Financial Services at OCBC, emphasized the program's role in deepening relationships with current clients and introducing the bank’s offerings to a new generation.
Cyrus Chung, a 25-year-old participant, found the program valuable for both personal and professional growth, noting the importance of networking with peers from diverse backgrounds.
This initiative reflects OCBC’s commitment to adapting its services to meet the needs of an evolving clientele and preparing the next generation for future financial challenges.
