OCBC’s Senior Strategy as Southeast Asia’s No. 2 Financial Group: "From Wealth Management to Dental Care" [Finance Embraces Seniors]②

Interview with Susan Tan, Head of Segment at OCBC Group
Over 2 Million Singapore Dollars Invested in SeniorCare Over Three Years
Targeting Support for Over 180,000 Seniors... "Ready to Collaborate with Korean Financial Institutions"

Editor's NoteAs the pace of population aging accelerates, the role of financial companies is also evolving. Whereas the financial industry once focused on wealth accumulation and risk mitigation before retirement, it is now expanding its scope to cover how customers can manage and utilize their assets in old age, as well as how they prepare for health and care needs—thus widening its domain to embrace all aspects of life. In Korea, efforts to connect finance and senior care are fully underway, while overseas financial institutions are expanding their services to include health, medical, and daily life support—or even directly venturing into the care business. As super-aged societies emerge, developing the senior business into a sustainable model is becoming an urgent challenge. The Asia Business Daily will examine the senior strategies of financial institutions in Korea, Singapore, and Japan in a three-part series, outlining the current state of integration between finance and care, and exploring the challenges that Korea's financial sector must overcome.

Susan Tan, Head of Segments at OCBC Group.

"Preparing for old age is no longer simply about growing your assets—it now involves planning how to meaningfully apply those assets in the future."

Susan Tan, Head of Segments at OCBC Group—the second-largest financial group in Southeast Asia—described the evolving role of finance in Singapore, a country that has entered a super-aged society, in an interview with The Asia Business Daily.

As of the end of last year, OCBC held total assets of 676 billion Singapore dollars (approximately KRW 730 trillion), making it one of Singapore's leading financial institutions. As Southeast Asia's second-largest financial services group by assets, it encompasses banking, insurance, asset management, and securities. The company operates across Singapore, Malaysia, Indonesia, China, Hong Kong, and Macau.

Tan emphasized that, as Singapore officially becomes a super-aged society in 2026 with over 21% of citizens aged 65 and older, the role of finance must change in response to demographic shifts.

She noted, "Younger customers typically focus on accumulating wealth, whereas many seniors prioritize preserving assets and establishing sustainable sources of income to maintain their desired lifestyle after retirement. As people live longer and remain active for more extended periods than previous generations, addressing the needs of this age group is becoming increasingly critical and complex."

This is why OCBC offers services that go beyond simple wealth management and extend into health, finance, and all aspects of daily living. One exemplary initiative is the OCBC SeniorCare program.

In March of last year, OCBC launched the SeniorCare program. Over three years, more than 2 million Singapore dollars will be invested to benefit over 180,000 seniors. The program supports healthy aging, enhanced financial confidence, and digital inclusion. Tan explained, "The program is structured around four key pillars: Health, Wealth, Literacy, and Lifestyle."

From a wealth management perspective, the bank provides financial support, guidance, and tailored solutions for seniors. According to Tan, "We have developed products specifically for this age group, including special fixed deposit interest rates for customers aged 60 and above."

OCBC also recognizes post-retirement health management as a crucial factor, building a service ecosystem in partnership with healthcare and insurance companies. Tan stated, "We are continually expanding our health-focused partner ecosystem, working with organizations such as Raffles Medical Group, Q&M Dental, and Great Eastern to ensure that seniors have access to health screenings, dental care, and general practitioner consultations."

The company broadened its service range through collaboration with its affiliates. She added, "By closely cooperating with Great Eastern, an OCBC Group affiliate, we can now offer guaranteed insurance products to seniors through the OCBC SeniorCare program."

Digital banking and payment services are also becoming increasingly important in the daily lives of seniors. According to Singapore's Infocomm Media Development Authority (IMDA), as of 2022, 66% of residents aged 60 or older used mobile app payments for offline transactions, while 78% used electronic payments for online transactions. Among OCBC's customers aged 60 and above, approximately 40% are using digital services.

Responding to these trends, OCBC has enhanced its app to improve digital banking accessibility for seniors. The app now offers bilingual functions in both English and Chinese, as well as font size adjustment features to improve readability. Tan remarked, "Digital literacy and awareness of financial fraud are essential, and OCBC regularly runs various communication and education programs to teach customers safe banking practices."

For seniors who prefer face-to-face consultations, OCBC has stationed CARE Ambassadors at select branches with high senior foot traffic. In recognition of Singapore's multilingual and multicultural makeup, these ambassadors speak at least two dialects. Tan explained, "CARE Ambassadors can speak a minimum of two dialects, such as Hokkien, Teochew, Cantonese, and Hakka. This allows seniors to communicate in the language they find most comfortable and receive tailored support for their banking needs."

Consumer protection is another focus for OCBC. Tan emphasized, "We strictly adhere to principles of fair dealing and implement additional safeguards when selling more complex investment products."

Singapore's Monetary Authority (MAS) has also established regulations to protect consumers during the sale and provision of financial products and services. Tan stated, "As a responsible bank, OCBC strives to ensure that all customers, including seniors, can make well-informed financial decisions through clear communication, appropriate advice, and a customer-centric approach."

The ultimate goal is for all customers, including seniors, to make well-informed financial decisions and achieve fair outcomes. "Our objective is to help customers make financial decisions based on sufficient information and ensure fair outcomes across the entire financial sector, including seniors," Tan stated.

When asked about the possibility of future collaboration with Korean financial institutions, she responded, "We are always ready to work with organizations and institutions that share our commitment to enhancing the quality of life for seniors," showing an openness to cooperation.

She concluded, "Our aim is more than just providing financial services. We strive to help seniors lead richer, more independent lives."

This content was produced with the assistance of AI translation services.