Singapore-based OCBC has launched a next generation program aimed at the children of its high net worth clients.
OCBC launched «OCBC GENesis» – a next generation program targeting the children of its OCBC Premier Private Client (PPC) clients – according to a statement. The bank’s PPC clients have a minimum of S$1 million ($740,000) in assets under management for those onboarded in Singapore and 3 million ringgit ($640,000) for Malaysia.
The program ran from July 17 to 19 with 21 participants aged 18 to 25 from Singapore, Malaysia, Indonesia, China and Australia. Participants took part in personal profiling assessments, education about the basics of investing and legacy planning as well as a crash course in design thinking. They also visited MasterCard to learn about the future of payments and met third-generation business owners for sharing sessions.
Full Wealth Continuum
The program follows the launch of another next generation program by Bank of Singapore, OCBC’s private banking arm, in 2012. The PPC program was first piloted with Singapore clients in 2019 before now reaching Malaysia clients. After the model is further established, the bank will look to expand to PPC customers elsewhere.
«Our customers may start off as retail customers, and move to Premier, Premier Private Client or even Bank of Singapore over time. We see this as a wealth continuum, and we want to be able to support them well at every stage,» said Sunny Quek, head of global consumer financial services, OCBC.
«Through this program, we are not only deepening our relationship with existing customers, but also seizing the opportunity to showcase our value proposition to a new generation of customers. They may be young students now, but one day they would need more sophisticated banking needs. We want to start building our relationship with them early.»
