Remember back in primary or secondary school when your parents would leave some money on the dining table as allowance for us?
Well, OCBC Bank has announced a new initiative that will allow children as young as seven years old to have their own bank accounts and even debit cards, so in the future, kids might not even know what we’re talking about anymore.
Feel old yet?
The OCBC MyOwn Account, which is available from 20 October, will allow those between the age of seven and 15 to have digital access to their bank accounts via the OCBC Digital app and will be registered solely under the child’s name, but must be opened by parents via their OCBC Digital app.
As of now, many of those within that age group hold joint bank accounts with their parents, and digital banking services are only available to parents. The minimum age to open most bank accounts in Singapore is 16.
After opening the account for their child, parents can download the OCBC Digital app to a separate smartphone, and their child can create his or her own username and password to have digital access as well.
Aside from their debit cards, which come with “a range of attractive options”, these children will be able to scan merchant QR codes or use PayNow via the app to make payments, and they can track their expenses and account balances from the dashboard on their app.
They will also be able to digitally lock a portion of their funds to prevent unauthorised digital access or freeze their account if they suspect their account has been compromised.
On their own app, parents will be able to monitor their child’s account activities like fund transfers, payments, ATM deposits or withdrawals, as well as debit card usage, from a separate dashboard showing their child’s account details.
Meanwhile, some of us here had passbooks which our parents would update every now and then. What a hassle.
Other features which will be progressively rolled out for parents include setting transaction limits on the child’s account and debit card, updating their child’s contact details and receiving notifications on all their child’s account activities.
Reason for the New Initiative
Seeing how many teens have smartphones nowadays, OCBC noted that this initiative will allow teenagers to make digital payments more easily without having to rely on their parents.
The launch of the OCBC MyOwn Account follows 18 months of extensive research, it added.
The results have shown that parents of teenagers and older children want to give their children “an early start to learning digital banking basics and financial independence, yet still want to supervise their child’s financial behaviours”.
Mr Sunny Quek, OCBC’s Head of Global Consumer Financial Services, highlighted that while Gen Alpha – those born after 2009 – has never known a world without digital technology, digital banking may be the one area they are not familiar with yet.
He added that these children will better understand the value of money, now that they are able to check their app and see how spending affects their account balance.
Comprehensive Financial Literacy Programme
A special financial literacy programme made for Gen Alpha will also be rolled out with the launch of the OCBC MyOwn Account. To engage this generation in a relatable and entertaining way, the content will be delivered through comic strips to encourage them to apply their financial knowledge in practical situations.
Topics covered include money management, debit card usage as well as how to protect themselves from scams, and advanced modules that offer a deep dive into topics like basics of investing will be rolled out progressively.
All this will be available on the child’s OCBC Digital app, so that “Gen Alpha can be equipped with the necessary knowledge and skills to navigate their finances and the digital financial world responsibly”.
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