OCBC Bank Launches Platform for Moms
OCBC Bank, one of the leading financial services group in Southeast Asia, has launched mumstruly.com, an e-commerce platform targeting mothers and mothers-to-be.
The platform offers a range of goods and services, from health services to baby and motherhood products as well as wealth and insurance products. This new venture will harness the banks’ estimated 80% market share in Child Development Accounts (CDAs), and its experience in banking products for young families, which have helped it obtain useful data about mothers. Insurance is offered by Great Eastern, the largest insurance group in Singapore and Malaysia in terms of assets and market share, which is 87% owned by OCBC Bank.
“Many say the tech giants are eating our lunch. With mumstruly.com, we intend to wrestle back our share of the pie.” – Head of Consumer Financial Services at OCBC, Dennis Tan.