OCBC Enables Account Opening for Startups Immediately After Incorporationby Fintechnews Singapore November 5, 2019
Start-ups are now able to open an OCBC business banking account in Singapore immediately after incorporation, rather than having to wait one day.
This is made possible by an API between the bank and global information services provider Experian. Once a business is incorporated, OCBC Bank can, through Experian, validate the start-up’s business profile issued by the Accounting and Corporate Regulatory Authority (ACRA).
This announcement follows their previous initiative to enable serial entrepreneurs to apply for loans with OCBC before even incorporating.
Said Ms Christie Chu, Head of Emerging Business and Commercial Banking Cash, OCBC Bank,
“Banks play a key role in the start-up and SME ecosystem partly because the bank account is at the centre of business operations. Given this role and our standing as banker to more than 1 in 2 SMEs in Singapore, we are in the best position to strengthen the connections among all players in this ecosystem.
That is what we have done here by streamlining the account opening and incorporation process so that start-ups can begin running their businesses as soon as possible.”
In November 2018, the bank also improved its digital account opening process by leveraging the nation’s data repository MyInfo, and MyInfo Business.