OCBC To Enable Instant SMEs Account Opening in Novemberby Fintech News Singapore October 4, 2018
Following their move in rolling out real time account opening for all Singaporeans and permanent residents, OCBC is now extending the same service SMEs. This real-time account opening service is enabled by the Singaporean government’s national data repository, MyInfo and will be made available November onwards.
According to Christie Chu, Head of Emerging Business, Global Commerical Banking OCBC Bank, this service will greatly benefit the 70% of business in Singapore that has a one or two man strcuture and SMEs.
The bank said that there is currently there isn’t any instant account opening service available in Singapore and it normally takes a day for new accounts to be open.
How The OCBC Instant Account Works
This service is made available digitally, to open an account real-time customers need key in their Unique Entity Number (UEN). The company’s details will then automatically populated.
After completing a KYC proccess, the customer then consents to OCBC accessing his or her company’s MyInfo Profile. If the account is approved, an account number will then be shared on screen and via text instantly.