OCBC launches instant account opening for startups

Startups no longer have to wait for a day to have an account.

OCBC Bank and information services firm Experian has launched an application programming interface (API) that will allow start-ups to open an OCBC business banking account in Singapore immediately after incorporation instead of waiting for a day, according to a press release.

Once a business is incorporated, OCBC Bank, through Experian, can instantly validate the start-up’s business profile issued by the Accounting and Corporate Regulatory Authority (ACRA).

In November 2018, OCBC improved its digital account opening process by leveraging the nation’s data repository MyInfo, and MyInfo Business.

Based on data from the Department of Statistics of Singapore, more than 65,000 businesses were incorporated in the 12-month period from August 2018 to August 2019.