OCBC Bank has extended its Mighty Savers Programme, a children's savings initiative, to its subsidiary in Malaysia.

Originally developed for the bank's Singapore market, the programme was also launched in Indonesia in July.

Said Mr Nicholas Tan, head of global wealth management at OCBC: 'Through our conversations with parents in this region, we understand that, increasingly, many of them find it challenging to educate their children on the merit of saving.

'Hence, our programme - which aims to make saving fun for children through the introduction of various tools and activities - strikes a chord with Asian parents as it helps inculcate the virtue of saving.'

The Mighty Savers Programme was introduced in Singapore in February 2007 to help parents help their children understand and develop the habit of saving.

All young customers up to age 15 who open savings accounts with the bank are automatically enrolled in the programme.

Since its launch, OCBC Bank has seen a three-fold increase in the number of children's saving accounts being opened, said the bank.

The launch of the programme in Indonesia and Malaysia is aligned with OCBC's strategic plan to deepen its market penetration in the region through a build-and-transfer approach, said the bank.

This involves transferring successful business models and product solutions to existing branches and alliances in overseas markets.

For more my paper stories click here.