Hong Leong Bank launches mobile-based junior account
Malaysia-based Hong Leong Bank (MLB) has launched a new digital banking service for children and parents.
HLB Pocket Connect is for “a family of digital natives”
HLB Pocket Connect includes features allowing parents to set tasks and goals for their children to earn extra pocket money.
The account comes with a junior debit card, re-loadable by parents. Parents can monitor the card control their child’s pocket money. Parental users can also block or freeze the debit card instantly.
An in-development feature will allow young users to set savings goals and track their progress in reports.
“Today’s customers are already used to having high level of personalisation and interaction through e-commerce, digital tools and mobile applications,” says Domenic Fuda, CEO at Hong Leong Bank.
“HLB Pocket Connect is the manifestation of a fit-for-purpose digital banking experience for our customers who are raising a family consisting of young digital natives.”
HLB says that more than 80% of its customers regularly use its banking app. It reports an 80% increase in total transaction volume from mobile channels.
“We believe digital banking platform like HLB Connect and HLB Pocket Connect not only add value to our existing and new customers but also contribute towards making financial services accessible, affordable and sustainable for society at large,” adds Fuda.
Founded in 1905, HLB operates across the Asia Pacific region and has branches in Singapore, Australia, China, Vietnam, and Cambodia. The bank holds around $50 billion in assets under management.
A slew of banks and fintechs have launched child or teen-focused apps and products in recent months. These include RBC-backed start-up Mydoh, Société Générale, WeLab Bank, and GoHenry.
Related: UK fintech Beanstalk launches JISAs for parents with just £5 to invest
