SINGAPORE: OCBC may shortly enable Generation Alphas, or children aged 7 to 15, to banks online via their own accounts and to keep bank accounts.
But there’s a find.
The bank said in a media release on Tuesday ( Sep. 3 ) that the OCBC MyOwn account, which is available to this age group starting on October 20, will operate “within boundaries and controls set by parents.
Due to the minimum age requirement, a vast majority of teens and older children under 16 years old cannot perform their own bank records, OCBC noted.
” Rather, their bank balances are mostly held jointly with their families, with online banking exposure given only to their kids”, it said.
The bank stated that the OCBC MyOwn Account would be governed only by the boy’s title. But,  , parents must be the people to start the account via their OCBC Digital , game.
When an account is opened, parents can save the OCBC Digital app to a split smartphone and have their child create their personal username and password to access their bank account online.
Also, an OCBC MyOwn Debit Card may be provided with the bill and the child you” choose their favorite design from a range of attractive , options”, said the bank.
Family Handles
Parents may be able to keep an eye on their child’s profile activity through the game in real time.
This includes the boy’s cash transfers, payments, ATM , payments or payments, as well as plastic card use, said OCBC.
This parent-and-child-view platform is a second for a online bank app in Singapore, it added.
Certain bill controls are only available through the parent’s application, and this will be “progressively rolled out.”
” These include setting transaction limits on the account and debit card, updating their child’s contact details, resetting card and PIN, and reporting a lost debit card” . ,
When their child makes a purchase or transfers money, parents can also receive drive- or email updates.
Additionally, they will be able to choose when their kids can access the bank , accounts, or debit card.
ADDITIONAL SAFEGUARDS
In response to CNA’s question, OCBC stated that the OCBC MyOwn account will have the same” strict protection” as its digital software.
These include its anti-malware safety feature, funds lock feature and a , remove change.
They can also lock , and unlock their debit card to prevent digital banking, debit card and ATM access if they suspect their account has been compromised.
In response to CNA’s question, OCBC claimed to have” a robust surveillance system that screens and flags suspicious transactions.”
Additionally, it will increase its education efforts regarding digital banking.
” This will be done through comic strips, incorporating relatable characters and compelling storylines”, OCBC said.
According to the bank, the OCBC MyOwn Account launched after 18 months of thorough investigation into parents ‘ behaviors, psychology, and aspirations.
Parents of teenagers and older children under the age of 16 who want to give their children a good start learning the fundamentals of digital banking and financial independence, but they also want to supervise their children’s financial behavior, according to the report.