The bank says applicants can complete identity authentication digitally as part of the process
[SINGAPORE] Singaporeans and permanent residents can now use Singpass to open business accounts with OCBC Malaysia.
The new initiative aims to reduce account opening times from three weeks to about five days.
On Thursday (Jun 11), the bank said applicants can complete identity authentication digitally as part of the account opening process.
This marks the first use of Singpass beyond Singapore-based services.
Currently, opening business accounts with financial institutions requires manual document submission or an in-person branch visit.
Customers with OCBC business banking accounts in both Singapore and Malaysia can also apply for single sign-on access. This allows them to view their accounts through a single dashboard.
The move comes amid a growing number of Singaporeans and PRs starting businesses in and expanding into Malaysia.
The number of small and medium-sized enterprises (SMEs) with Singaporean or Singapore PR owners has grown at an annual rate of 10 per cent, the lender’s latest innovation findings indicated.
The strongest momentum is in the F&B and manufacturing sectors.
Growth is expected to accelerate with the establishment of the Johor-Singapore Special Economic Zone.
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Carmen Chan, deputy head of Global Transaction Banking at OCBC, said: “We expect the uptick to continue, following the recent Budget announcement that more support will be extended to SMEs expanding overseas.”
After an application to open an OCBC Malaysian business account is submitted, the requisite Know Your Customer checks will be conducted by the bank.
Entities with a Malaysian director require a digital authentication of the director’s identification, using MyKad – country’s official identification.
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