The bank said that there is presently no digital instant account opening service for businesses in Singapore; typically it takes one day to open an account. Going forward, with the SME owners consent, the bank will be able to access details from a MyInfo profile for the application. This means that additional personal details dont have to be filled in, nor do supporting documents have to be submitted.
The application will also be assessed by OCBCs digital KYC process. The service will be rolled out to two of the banks flagship accounts, the Business Growth or Business Entrepreneur accounts, which are owned by one or two individuals.
In June, OCBC started using MyInfo to enable consumers to digitally open an OCBC 360 personal account immediately. Since then, there has been a threefold increase in the number of OCBC 360 accounts opened digitally on a month-on-month basis, according to the bank.
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