Hong Leong Bank has launched a prepaid debit card to service the
under-18s market.

The Hong Leong Junior Debit Card is the first of its kind in the
Malaysian market and will allow children to withdraw cash, reload
their prepaid mobile phone credits or make purchases based up to a
card limit.

The card will be issued upon approval of a parent or legal
guardian. Parents are able to set the spending limit on the card
and will be able to view the transactions of their child’s card
online free of charge.

The launch follows the introduction of the Hong Leong Junior
Fixed Deposit in August. It offers a fixed rate deposit of 5
percent per annum for term deposits of four or five years. Hong
Leong Bank is now offering the new card to junior savers.

The launch of the card is in line with Bank Negara Malaysia’s
efforts of cultivating prudent spending among Malaysians and to
promote cashless payments.

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By GlobalData