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FINANCIAL TECHNOLOGY | Staff Reporter, Singapore

OCBC enables instant SME account opening

It has tapped on data repository MyInfo.

SME owners can now open digital business accounts in an instant and receive account numbers as OCBC Bank continues to leverage on state-built data repository MyInfo in what it claims is the city state’s first such banking service for businesses. 

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Once the owner has provided consent to the bank, OCBC will be able to access details from the user’s MyInfo profile to facilitate the application process, doing away with the need to key in personal details and submission of supporting documents.

Once approved, an account number will be shared on the website and via text message, enabling SMEs to start collecting payments.

Also read: SingHealth breach lays bare Singapore banks' cybersecurity risk

“‘Instant’ is the way forward for the industry,” Christie Chu, head of emerging business, global commercial banking at OCBC Bank said in a statement. “And with 70% of the businesses incorporated in Singapore having a one or two-man structure, our service will benefit a majority of new SMEs.

The instant account opening service for businesses will be rolled out to those helmed by one or two individuals who are opening a Business Growth Account or Business Entrepreneur Account.

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