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OCBC becomes first bank in Singapore to allow direct top-ups to CPF accounts

Felicia Tan
Felicia Tan8/10/2022 09:52 AM GMT+08  • 2 min read
OCBC becomes first bank in Singapore to allow direct top-ups to CPF accounts
The roll-out of the service is “timely” as CPF is one of the top sources of funding for retirement by Singaporeans, according to OCBC. Photo: Bloomberg
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OCBC Bank has become the first bank in Singapore to allow its customers to make contributions to their Central Provident Fund (CPF) accounts directly from their banking app or internet banking platform.

The service is already live on OCBC's platforms.

“Our rollout of this new service extends our ambition to make financial planning more accessible, simple and inclusive for Singaporeans. 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,” says Sunny Quek, OCBC Bank’s head of consumer financial services Singapore.

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