OCBC Bank has become the first bank in Singapore to allow its customers to make contributions to their Central Provident Fund (CPF) accounts directly from their banking app or internet banking platform.
The service is already live on OCBC's platforms.
“Our rollout of this new service extends our ambition to make financial planning more accessible, simple and inclusive for Singaporeans. CPF is a major pillar of many Singaporeans’ retirement planning and contributing to their CPF accounts will enable them to receive payouts for retirement income,” says Sunny Quek, OCBC Bank’s head of consumer financial services Singapore.
“More than 100,000 customers made contributions to their CPF accounts in 2021, and so extending this direct payment solution to them from our digital banking platforms will enhance their financial planning by making the process of voluntary CPF contributions more seamless,” he adds.
The roll-out of the service is “timely” as CPF is one of the top sources of funding for retirement by Singaporeans, according to the OCBC Financial Wellness Index 2021.
According to the bank, its customers make top-ups to their CPF accounts twice a year on average.
See also: Deutsche Bank completes sale for US$1 bil US CRE loan portfolio
With the release of the latest service, OCBC’s customers can now review all their financial information on their OCBC Financial OneView dashboard. This includes understanding how much money they’ll need to hit their retirement goals, continues Quek.
