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OCBC has launched a parental-controlled checking account for kids between the ages of seven and 15.
Editorial
This content material has been chosen, created and edited by the Finextra editorial group primarily based upon its relevance and curiosity to our neighborhood.
The OCBC MyOwn Account mushy launched on 15 October 2024, with households registering their curiosity to open accounts for about 8,000 kids. Given this demand, OCBC goals to draw 100,000 account signal ups inside a 12 months from at this time.
The Singaporean financial institution has signed a five-year collaboration cope with Disney to situation debit playing cards with superhero and cartoon designs that includes Sew, Elsa and Anna, Spider-Man, Captain America and Black Panther. Restricted version OCBC pins with Disney, Marvel and Pixar character designs in blind packs’ are additionally a part of the account opening rewards.
To interact youthful clients, monetary literacy content material comes within the type of comics that includes Ralph and Vanellope from Disney’s Wreck-It Ralph, weaving in ideas just like the significance of saving and prudent spending into exercise sheets and sources that include the comics.
As with different monetary apps for youths, mother and father stay the gatekeepers, opening acccounts and setting each day transactional limits.
“Parental controls are on the centre of the account’s design,” emphasises OCBC CEO Helen Wong. “Youngsters and teenagers function the account inside boundaries. Solely mother and father can set the account’s transaction limits. Dad and mom can even use their very own OCBC app to trace their baby’s account actions in actual time. It’s this steadiness that makes the OCBC MyOwn Account’s proposition very robust.”
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