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 Note
As population aging accelerates, the role of financial institutions is changing as well. Traditionally limited to increasing assets and hedging risks before retirement, financial services now extend into all aspects of customers’ lives—managing and utilizing post-retirement wealth, and preparing for health and care in later life. In Korea, there is a growing movement to connect finance and long-term care, while overseas financial firms are expanding their services to include health, medical care, and daily life support, or even entering the direct care industry. As countries enter a super-aged society, financial institutions are grappling with how to make senior-focused businesses both sustainable and impactful. In this three-part series, The Asia Business Daily examines the senior strategies of financial companies in Korea, Singapore, and Japan, exploring how far the convergence of finance and care has come, and what unresolved challenges Korean financial institutions must tackle.

Susan Tan, Head of Segments at OCBC Group.

"Preparing for later life is no longer just about increasing your assets. Now, it is about planning how those assets can be used meaningfully in the future."

Susan Tan, Head of Segments at OCBC Group, the second largest financial group in Southeast Asia, defined the role of finance in Singapore’s 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 730 trillion won), positioning itself as a leading Singaporean financial institution. Ranking second in Southeast Asia by assets, OCBC Group encompasses banking, insurance, asset management, and securities, providing a comprehensive suite of financial services. Its operations span Singapore, Malaysia, Indonesia, China, Hong Kong, and Macau.

Tan emphasized that as Singapore enters a super-aged society, with residents aged 65 and over exceeding 21% of the population by 2026, the role of finance must adapt to reflect this demographic shift.

She explained, "While younger customers typically focus on building wealth, many seniors prioritize preserving their assets and ensuring sustainable income streams so they can maintain their desired lifestyle after retirement. People are living longer and staying more active than previous generations, making it increasingly important—and complex—to meet the needs of this age group."

This is why OCBC provides services that go beyond asset management, encompassing health, finance, and overall lifestyle needs. A representative case is its "OCBC SeniorCare" program.

OCBC launched its SeniorCare program in March last year. With over 2 million Singapore dollars invested over three years, the aim is to benefit more than 180,000 seniors. The program is designed to support healthy aging, improve financial confidence, and promote digital inclusion for older adults. Tan explained, "This initiative centers around four key pillars: Health, Wealth, Literacy, and Lifestyle."

On the wealth management side, OCBC provides financial guidance, support, and tailored solutions to seniors. Tan noted, "We have identified products targeted to their specific needs, including special fixed deposit rates for customers aged 60 and above."

OCBC also sees post-retirement health management as a crucial factor, and is building an ecosystem of services in collaboration with medical and insurance companies. Tan noted, "We are continuously expanding our ecosystem of health partners to make health screenings, dental care, and general practitioner consultations accessible to seniors, through partnerships with organizations such as Raffles Medical Group, Q&M Dental, and Great Eastern."

Through collaboration with group affiliates, OCBC has further broadened its service scope. "By working closely with Great Eastern, an OCBC Group affiliate, we are now able to offer seniors protection-type insurance products via the SeniorCare program," she said.

Digital banking and payment services are becoming an increasingly important part of daily life for seniors. According to Singapore’s Infocomm Media Development Authority (IMDA), in 2022, 66% of residents aged 60 and above used mobile app payments for offline face-to-face transactions, and 78% used electronic payments for online transactions. Around 40% of OCBC customers aged 60 and above are using digital services as well.

To enhance digital banking accessibility for seniors, OCBC has improved its app to support both English and Chinese, and included features to adjust font size for better readability. Tan explained, "Digital literacy and awareness of financial scams are vital. OCBC regularly runs various communication and educational programs to teach customers how to transact safely."

For seniors who prefer in-person service, OCBC has deployed CARE Ambassadors at select branches frequented by older customers. Reflecting Singapore’s multi-lingual, multi-cultural environment, these ambassadors are bilingual or multilingual. Tan said, "CARE Ambassadors can speak at least two dialects, including Hokkien, Teochew, Cantonese, and Hakka. This allows senior customers to communicate in the language they are most comfortable with and receive personalized support regarding their banking needs."

Consumer protection is another area OCBC regards as a priority. Tan stressed, "We are committed to the principle of fair dealing, and we also adhere to additional safeguards when offering more complex investment products."

The Monetary Authority of Singapore (MAS) also enforces regulations to protect consumers throughout the process of selling and providing financial products and services. Tan added, "As a responsible bank, OCBC is determined to help customers, including seniors, make well-informed financial decisions through clear communication, appropriate advice, and customer-centered work practices."

The ultimate goal is for all customers—including seniors—to make informed financial decisions and achieve fair outcomes. "We aim to empower customers to make decisions based on adequate information and ensure fair outcomes throughout the financial industry, including for seniors," Tan said.

Asked about the possibility of future cooperation with Korean financial institutions, she responded, "We are always open to collaboration with organizations that share our commitment to improving the quality of life for seniors."

In conclusion, she said, "Our objective goes beyond simply providing financial services. We strive to help seniors lead more fulfilling and independent lives."

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