SINGAPORE — OCBC Bank’s customers in Singapore will be able to make direct contributions to their Central Provident Fund (CPF) accounts from within a banking app or Internet banking platform.
Close to 150,000 OCBC customers have already leveraged the Singapore Financial Data Exchange to sync all their financial information from various financial institutions and government agencies to OCBC Financial OneView, the bank said in a statement on Wednesday (10 August).
According to OCBC, its customers made 30 per cent more top-up transactions and 25 per cent more annual contributions to CPF last year compared to 2020.
CPF is one of the top sources of funding for retirement for Singaporeans, according to the OCBC Financial Wellness Index 2021.
"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," Sunny Quek, OCBC Bank's Head of Consumer Financial Services Singapore, said.
OCBC's customers can have a comprehensive view of all their financial information — across deposits, credits cards, loans, investments, securities-related holdings, assessable income and CPF account balances — before making a more informed and considered decision to top up their CPF accounts.
The bank had also integrated the Inland Revenue Authority of Singapore (IRAS) payment application programming interface (API) on OCBC Digital in 2021.
This enabled taxpayers to view their assessable income information on the OCBC Financial OneView dashboard and then pay their tax directly on one digital platform, which eased a common pain-point among taxpayers of having to alternate between the IRAS platform and the bank's platform to view their tax details and then make payments.