OCBC has announced a groundbreaking service allowing Singaporeans and Singapore permanent residents to open business accounts with OCBC Malaysia using Singpass, the national digital identity. This new digital process reduces the account opening time from three weeks to just five working days, marking the first instance of Singpass being utilised beyond Singapore’s borders.
The initiative comes as more Singaporeans and Singapore PRs are establishing or expanding businesses in Malaysia, particularly in sectors like food and beverage and manufacturing. From 2023 to 2025, OCBC Malaysia experienced over 10% annual growth in SMEs with Singaporean or Singapore PR owners. This trend is expected to continue with the development of the Johor-Singapore Special Economic Zone.
Previously, opening a business account in Malaysia required manual documentation or an in-person visit, taking up to three weeks. Now, the process is fully digital, with OCBC conducting necessary Know Your Customer checks after the application is submitted. For businesses with Malaysian directors, identity verification will be done using MYKAD, Malaysia’s official identification.
Carmen Chan, Deputy Head of Global Transaction Banking at OCBC, stated, “Leveraging Singpass, which the Singaporean directors are already familiar with, makes sense. It streamlines the process greatly and frees our customers to focus on what matters most – leading their teams and driving business growth.”
This service is expected to enhance cross-border business activities and provide a seamless banking experience for customers with accounts in both Singapore and Malaysia, offering single sign-on access to view accounts on a unified dashboard.
