Child Development Account (CDA) and Child Savings Account (CSA) opening via OCBC App Qorus-Infosys Finacle Banking Innovation Awards 2025

To address the issue of parents having to wait several weeks after the birth of their newborn to receive government grants, OCBC has partnered with the Ministry of Social and Family Development (MSF) to enable instant opening of Child Development Accounts (CDA) and Child Savings Accounts (CSA) following validation and eligibility checks through MSF’s API.

Recognizing that parents may be in the hospital shortly after giving birth, OCBC has designed a mobile account opening process for convenience. For parents who are busy welcoming their new baby and may not have time to research available government benefits, the app provides easy access to information at their fingertips.

Other than the above, tailored deals for shopping, healthcare and education (e.g. medical bills, pre-school fees, childcare services) are also created to improve the customer experience by offering discounts from over 10 merchant partners, assisting parents in lowering the cost of raising a child. Each parent is also given their own Baby Bonus NETS card, which they can use to qualify for such offers from selected institutions.

Overall, OCBC CDA empowers parents to invest early and safeguard their child’s future under Singapore’s Baby Bonus Scheme. It lays the groundwork for long-term financial planning and security for the child. The product is ultimately designed to encourage parents to take the first key step in securing their child’s financial journey with seamless savings and exclusive benefits, which aligns with Singapore's broader vision of nurturing a generation of well-rounded, financially capable individuals.

Currently, only three banks offer the bundling of CDA and CSA through this new process: OCBC Bank, DBS Bank, and UOB. To bring this application process to life, collaboration with various team, including Wealth Management, Digital Business, Customer Experience, Journeys, IT team, Legal & Compliance, Editorial team and so on, all working together to ensure a smooth and customer-focused experience.

We saw a significant increase in CDA accounts opened in the first year of launch with 1 in 2 new Singapore babies born between Jun 2024 to Jun 2025 likely having their CDA and CSA accounts opened through the OCBC app.