A new digital banking app teaches children financial responsibility while keeping parents in control.
As cashless transactions dominate daily life, fostering financial literacy in younger generations has become crucial. The new OCBC MyOwn Account app bridges this gap by enabling children aged seven to 15 to manage their finances in a secure, parent-monitored environment.
Financial Independence for Kids
Designed for Gen Alpha—those born after 2009 and immersed in a tech-driven world—the app provides an intuitive platform where children can:
Make digital payments using smartphones.
Scan QR codes for purchases.
Use PayNow for seamless transactions.
In addition, young users receive a personalized debit card, available in various designs, enabling them to make cashless payments at physical stores.
Parental Oversight and Guidance
While children gain financial autonomy, the app ensures parental involvement through robust monitoring tools. Parents can:
Set spending limits to teach budgeting.
Receive transaction alerts to track their child’s spending habits.
Guide financial decisions with built-in learning features.
This balance between freedom and supervision helps kids develop responsible money management skills from an early age.
Adapting to a Cashless Society
In Singapore, the minimum age to own a bank account is traditionally 16, but the OCBC MyOwn Account redefines this norm, acknowledging the necessity for digital financial education in a cashless society.
Recent studies highlight the shift toward cashless payments:
38% of Gen Z Singaporeans prefer mobile e-wallets.
41% of millennials use contactless credit or debit cards.
For Gen Alpha, growing up in an era of QR codes and e-wallets, learning to navigate these systems is a critical life skill.
Teaching Financial Literacy Through Technology
OCBC’s initiative goes beyond basic banking. The app integrates gamified features and educational tools, encouraging children to save, budget, and understand the value of money. Parents can use these features to spark conversations about financial priorities and smart spending.
A Mother’s Perspective
For parents like Sarah Lim, who recently introduced the app to her 12-year-old daughter, the results have been encouraging. “My daughter loves the independence of managing her own account, and I feel reassured knowing I can guide her decisions through the app,” she shares.
By empowering children to make informed financial choices, the OCBC MyOwn Account is setting a new standard in digital banking for families, fostering a generation of savvy and responsible spenders.
