OCBC has launched a parental-controlled bank account for children between the ages of seven and 15.
The OCBC MyOwn Account soft launched on 15 October 2024, with families registering their interest to open accounts for about 8,000 children. Given this demand, OCBC aims to attract 100,000 account sign ups within a year from today.
The Singaporean bank has signed a five-year collaboration deal with Disney to issue debit cards with superhero and cartoon designs featuring Stitch, Elsa and Anna, Spider-Man, Captain America and Black Panther. Limited edition OCBC pins with Disney, Marvel and Pixar character designs in blind packs' are also part of the account opening rewards.
To engage younger customers, financial literacy content comes in the form of comics featuring Ralph and Vanellope from Disney’s Wreck-It Ralph, weaving in concepts like the importance of saving and prudent spending into activity sheets and resources that come with the comics.
As with other financial apps for kids, parents remain the gatekeepers, opening acccounts and setting daily transactional limits.
"Parental controls are at the centre of the account’s design," emphasises OCBC CEO Helen Wong. "Kids and teens operate the account within boundaries. Only parents can set the account’s transaction limits. Parents can also use their own OCBC app to track their child’s account activities in real time. It is this balance that makes the OCBC MyOwn Account’s proposition very strong.”