OCBC enables remote business account opening in Malaysia via Singpass

The bank will authenticate business owners remotely without need to visit a branch.

Singaporeans and Singapore permanent residents (RPs) can now use Singpass, their national digital identity, to open business accounts with OCBC Malaysia via its website.

OCBC Malaysia is able to remotely authenticate the business owners via their Singpass as part of the account opening requirement, its Singapore parent said on 11 June.

This is the first time that Singpass is used beyond Singapore-based services, OCBC said.

Customers with OCBC business banking accounts in both Singapore and Malaysia can apply for a single sign-on access, where they can view their accounts on a single dashboard.

It currently takes Singaporeans and PRs two to three weeks to open a business account in Malaysia, OCBC said. Many financial institutions still require manual documentation submission or an in-person branch visit as part of the process.

OCBC has been serving more SMEs in Malaysia with Singapore directors as the Johor-Singapore special economic zone (SEZ) gains momentum, said Carmen Chan, deputy head of global transaction banking, OCBC.

“We expect the uptick to continue, following the recent budget announcement that more support will be extended to SMEs expanding overseas,” Chan said.