Singapore’s OCBC Bank has introduced a new instant account opening service for start-ups.
The move will enable the businesses to open their OCBC Bank business account immediately after their incorporation. Traditionally, the process takes one day.
The service is enabled through an application programming interface (API) between OCBC Bank and global information services provider Experian.
Under the collaboration, the Singaporean lender will validate the ACRA-issued business profile of start-up through Experian.
According to Department of Statistics of Singapore data, more than 65,000 businesses were incorporated in the country from August 2018 to August 2019.
OCBC Bank head of emerging business and commercial banking cash Christie Chu said: “Banks play a key role in the start-up and SME ecosystem partly because the bank account is at the centre of business operations.
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By GlobalData“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.”
The latest initiative follows the launch of a dedicated OCBC business to assist the start-up segment at the end of last year.
Last month, OCBC Bank joined Singtel’s VIA mobile payment alliance, an interoperable payment network in Asia Pacific region.
