Best for next-gen/millennials in Indonesia 2023
A survey by OCBC NISP in 2021 found that young Indonesians had an average financial health grade of 37.72 out of 100. OCBC NISP stepped into the void with a service called Nyala, which combines literacy and inclusion to open a physical financial fitness solution.
The maiden Financial Fitness Gym was built at the Mall Ciputra World in the port city of Surabaya. More such centres will open around the nation so that young Indonesians can take courses on basic financial management, learn about investing and, someday, maybe even get to the point where they can become private banking clients.
The programme shows how OCBC NISP is leading the way in going after the younger demographic. Unsurprisingly, the firm is showing the same initiative in targeting the next-generation and millennial wealthy too.
The team has proven adept at devising and executing customized solutions by being attuned to the importance of family values and legacy. It’s arguably the go-to private bank in the market for wealth transfer and succession planning, earning Asiamoney’s award.
One reason for this is its highly experienced bankers, not only in investment products but also key elements of legacy planning, such as tax and alternative structures.
Another reason is its dedicated onshore presence with extensive offshore capabilities. Being able to use Singapore-based parent OCBC Group’s vast network enables the Indonesian private banking team to bring new investment solutions for UHNW clients.
In addition to the Surabaya branch that was opened in 2022, the private bank is reaching out to the growing wealthy diaspora in Kalimantan and Medan.
OCBC NISP wins our award for next-gen and millennials, too, because of its determination to give younger investors with higher risk tolerance access to alternative investments. Some propositions come through OCBC NISP Venture Capital and OCBC Sekuritas, giving clients access to high-yield bonds and equities capital markets.
The bank’s returns are drawing the next-gen wealthy. In 2022, OCBC NISP’s private bank increased its assets under management by 27% year on year.