OCBC enables direct CPF account top-ups from digital app

This makes OCBC the first bank to enable this outside of the CPF website.

OCBC Bank customers can now make Central Provident Fund (CPF) contributions using OCBC’s banking app or internet banking platform.

This makes OCBC the first bank in Singapore to make CPF account top-ups from outside the CPF website, the bank said in a press release. 

The move makes the twice-yearly top ups a much easier experience for Singaporeans, especially given that 2 in 3 Singaporeans have indicated that they are taking their retirement planning seriously. The CPF is one of the top sources of funding for retirement by Singaporeans, according to the OCBC Financial Wellness Index 2021.

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Sunny Quek, OCBC Bank’s Head of Consumer Financial Services Singapore, said: “CPF is a major pillar of many Singaporeans’ retirement planning and contributing to their CPF accounts will enable them to receive payouts for retirement income. 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,” said Sunny Quek, OCBC Bank’s head of consumer financial servicse in Singapore. 

Customers can also review all their financial information holistically on our OCBC Financial OneView dashboard, Quek added. This aims to help them understand how much they need to hit their retirement goals, and then make a top-up to their CPF accounts. 

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“This will enable customers to better track their retirement goals and hopefully be able to achieve the retirement lifestyle they desire,” Quek said.

Apart from the launch of the CPF top up service, OCBC also shared plans to integrate information on insurance policies into its OCBC Financial OneView on its digital app by end 2022.