SINGAPORE: Oversea-Chinese Banking Corporation (OCBC) has introduced OCBC GENesis, a regional programme for the children of its Premier Private Client (PPC) customers.
The Edge Singapore reported that this initiative is part of OCBC’s broader strategy to build lasting relationships with the next generation of high-net-worth individuals (HNWIs) while deepening connections with existing clients.
OCBC GENesis is an exclusive, invitation-only programme. It began as a pilot in 2019 for the children of PPC clients in Singapore and has now expanded to include participants from Malaysia.
OCBC plans to extend the programme to other markets once the business model is established.
The programme’s first run for this year took place from July 17 to 19. It saw 21 participants aged 18 to 25 from Singapore, Malaysia, Indonesia, China, and Australia, either students or early-career professionals.
OCBC PPC was launched in 2018 to cater to high-net-worth individuals (HNWIs) in Singapore and Malaysia, offering services similar to private banking.
The bank says its latest programme will complement its existing offerings, which include setting up basic trusts for estate planning, providing complex insurance products, and offering exclusive investment opportunities.Â
Sunny Quek, head of global consumer financial services at OCBC, explained the bank’s approach.
“Our customers may start off as retail customers and move to premier, premier private clients 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.
To do that, we must be targeted and deliberate with the services that we offer. That means adjusting or adding to our offerings according to changing needs.“
He added, “OCBC GENesis is one such example. We have noticed that our PPC customers are increasingly concerned about preserving their wealth across generations.
It complements our existing suite of solutions for PPC customers and strengthens our proposition.
Through this programme, 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.”
OCBC estimates that by 2030, around US$2.5 trillion (S$3.36 trillion) in intergenerational wealth will be transferred to the next generation in Asia. /TISG
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