While the OCBC MyOwn Account will be registered solely under the child’s name, his or her parents will still have to open the account via their OCBC Digital app. The MyOwn account will provide the child with a debit card. Children will also be able to make cashless payments including scanning merchant QR codes and using PayNow.
OCBC Bank will be launching a digital banking solution for Generation Alphas (or Gen Alphas), which refers to the generation of children born after 2009.
From Oct 20, the new OCBC MyOwn Account allows children and teenagers aged between seven and 15 to manage their own bank accounts digitally with boundaries and controls set by their parents. The initiative fills a gap in the market where most banks require sole account holders to be aged 16 and above. As such, teenagers and older children have bank accounts that are mostly held jointly with their parents and with digital banking access given to their parents only.
