OCBC Launches Fully Remote Digital Account Opening For SMEs

Tags: e-commerce

As part of their efforts to promote digital banking, OCBC Bank (Malaysia) Berhad (OCBC Bank) has launched their OCBC eBiz Account. This account allows SMEs to apply for a business account entirely remotely, doing away with the need to be physically present at the bank branch to open a business account.

This business account is made possible thanks to the bank’s eKYC (electronic know your customer) platform, which is supported by CTOS Data Systems Sdn Bhd (CTOS). The OCBC eBiz Account is exclusively for SMEs with two or fewer directors and shareholders, which is the largest demographic among OCBC’s existing SME customers.

OCBC Bank’s Head of Emerging Business, Mr Wong Chee Seng stated that the launch is part of the bank’s digital roadmap, to meet the needs of SMEs who are looking to use digital banking.

“Remote account opening was previously the mainstay of consumer banking and tended to benefit only individual customers rather than businesses. The OCBC eBiz Account will benefit SMEs significantly at the very outset of their relationship with us. They can skip the queues at the branches and avoid the crowds altogether. In a matter of minutes, they will be able to complete their application for an online business banking account at their convenience and verify their identity via the OCBC SME eKYC app.”

“We expect good take up from this offering and hope to see at least 6,000 new business accounts through this digital channel by the end of the year,” he stated in OCBC’s press release.

To apply for OCBC’s eBiz account, the one or two-director/shareholder SMEs need to be registered under Suruhanjaya Syarikat Malaysia (SSM) and owned by Malaysian/Permanent Residents only. They may also need to adhere to any other additional eligibility criteria set by OCBC.

The account also requires a relatively low initial deposit of RM500, and comes with complimentary business internet banking services under Velocity@ocbc and access to OCBC Mobile Banking.

You can apply for the account right here.