OCBC Bank in Singapore has introduced the OCBC MyOwn Account specifically for children aged 7-15 years old, allowing them to make payments through scanning or using a debit card. This new service provides kids with their own bank account, similar to a regular account. Previously, children had to be at least 16 years old to open an account online and get a debit card. With this new offering, parents can authorize children to conduct electronic transactions, including scanning QR codes for payments and using debit cards. Parents have the ability to view all transactions, set limits, receive notifications when their child makes a payment, and reset or report a lost card on their own. Moving forward, OCBC plans to launch financial literacy initiatives for Gen Alpha, focusing on budgeting, tracking expenses, financial management, and potentially even introducing investment concepts to children.
TLDR: OCBC in Singapore now offers the OCBC MyOwn Account for kids aged 7-15, allowing electronic transactions and parental oversight, with plans for financial education programs for Gen Alpha.
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