Singapore, 12 September 2014 – OCBC Bank announced today that it has been re-appointed the managing agent for the Child Development Account (CDAs) under the Baby Bonus Scheme till 2019.

OCBC Bank won the tender in 2008 on the strength of its integrated and comprehensive family banking solutions and the convenience it offered parents. Since then, some 90% of Singaporean parents with newborn babies have opened their children’s CDAs with OCBC Bank.

According to the Bank’s research, parents who chose OCBC Bank as their Baby Bonus Bank cited three reasons: Convenience, The OCBC Mighty Savers Programme and Sunday Banking.

1) Convenience

OCBC Bank is the only bank present at the key maternity hospitals in Singapore, ready to help parents with their CDA applications and any related queries. Many parents found this availability to be very convenient and useful.

2) The OCBC Mighty Savers Programme

OCBC Bank’s popular Mighty Savers programme, the savings programme dedicated to children, was a key draw for parents who wanted to get their children excited about saving. The key components of the programme are its mascots, Simon and Sally, and the use of Mighty Savers stickers and cards. Through the concept of affixing a sticker to a card with every dollar saved, and receiving rewards for saving more, children are encouraged to save from young.

3) Sunday Banking

Furthermore, the Bank’s full-service Sunday Banking made it easy for families to do their banking on their days off, in a conducive environment. OCBC Bank was the first bank in Singapore to launch full-service Sunday Banking, in November 2006, and still offers the widest network of 17 Sunday Banking branches islandwide.

In addition, through its subsidiary, Great Eastern Holdings, OCBC Bank is able to offer relevant bancassurance products to meet parents’ needs. In particular, the endowment plans offered by the Bank are very well-received by parents, who use these products to help them save and make provision for their children's tertiary education.

Mr Dennis Tan, OCBC Bank’s Head of Consumer Financial Services Singapore, said: “We are excited about being reappointed to manage the CDAs. We are the only bank to provide a unique family-oriented banking environment on Sundays. Parents have responded very favourably to our innovative offerings, which support family banking in a holistic manner.”

“Going forward, we are committed to introducing relevant products and services to meet the evolving needs of all parents, and even those of parents-to-be.”