5 Ways SMEs can Benefit from OCBC 360 Digital Account

OCBC 360 Digital Account

Photo Credit: OCBC

Getting approval of newly-incorporated companies and SMEs for a corporate bank account in Singapore can be easy and effortless – as long as there is verified compliance to the documentation requirements from the financial institution it is applying for.

But sometimes, these necessary but comprehensive series of checks can prove to be an obstacle for business owners.

Fortunately, OCBC is now providing a service that would allow for the successful ownership of a business bank account instantly.

Let’s take a look at five ways that the OCBC 360 Digital Account service can be useful for SMEs.

    1. Open a corporate bank account in real time
      OCBC vision for seamless virtual transactions is to enable small and medium enterprises (SMEs) to open a corporate bank account in real time through its OCBC 360 digital account.It is the first Singapore bank to offer such a customised service for micro businesses; previously, approval would take at least 24 hours.Now, an OCBC 360 corporate account number can be immediately assigned for SMEs within a matter of a few seconds by integrating the swift e-KYC (know-your-customer) process with Singapore’s national data repository, MyInfo.

      This move is in direct response to the results of a recent OCBC survey in which 45 per cent of the 200-company respondents believe that they would prefer cashless transactions by 2020.

      Furthermore, 2 out of 3 SMEs would want to do away with the use cheques in all financial dealings by 2025.

      Since April 2018, nine out of ten new OCBC SME clients have already pre-registered for the instant digital business account opening service.

    2. Initiate fund transfers immediately
      The launch of the OCBC 360 service in 2014 has enabled customers to open an online bank account that allows instantaneous fund transfers.According to OCBC, digital engagement is high among its users – which comprise mainly of time-strapped PMEs (Professionals, Managers, and Executives) who find accessing its online platforms a necessary and attractive option in this fast-paced, modern world.By taking advantage of this new platform, SMEs can soon make various bank transactions including bills payments, credit card purchases, and salary allocation via PayNow or Fast.

      Going by OCBC’s survey findings, more than a quarter of the SME-respondents believe that peer-to-peer funds transfer services would be very useful to their start-up or growing businesses.

      Though at least 40 per cent of them have not yet pre-registered for the bank’s November launch for SMEs, they are very keen on knowing how it can be beneficial for their companies and are just on stand-by mode.

    3. Paperless information verification through MyInfo
      The main purpose of the OCBC 360 digital account hinges on its desire for instantaneous corporate bank account opening that is entirely paperless.The complete access, verification, and authentication process can be done with zero human intervention – just by using the existing MyInfo profile of the applicant.This means that business owners can open an account without going to the bank for the submission of additional documents – all of which can take up time and energy needed to focus on running a newly-incorporated company.

      Account approval is made known to the applicant through email notification, on-screen statement, and SMS.

    4. Greater convenience and a faster transaction time
      The use of SingPass, the government-approved digital vault of verified personal data, with the OCBC 360 account service is a clear indication that the Singapore strongly supports the existence of a straightforward, convenient, and simplified online banking system – both for private individuals and business entities alike.By logging in to the applicant’s SingPass account, getting an OCBC bank account number is as easy as 1-2-3 – no need to submit in person of any supporting documents necessary for the successful bank approval.This seamless digital experience for all applicants is a collaborative effort by the Government Technology Agency (GovTech), the Smart Nation and Digital Government Office (SNDGO), and the Monetary Authority of Singapore (MAS).
    5. Stay on top of key performance indicators
      OCBC 360 Account for SMEs puts emphasis on instant digital banking and digital connection to prospective customers. More than that, business owners can have access to its customised solutions for regulatory compliance and better financial management through relevant apps for key business functions – making OCBC one of the best business banks for SMEs in Singapore right now (page 62).

Corporate Services Singapore for your Company Incorporation Needs

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Ready to set up your own company in Singapore? Corporate Services Singapore can help jumpstart the registration process – including opening your business bank account and much more. You can even avail a complete suite of bespoke services that is scaled for your needs, expectations, and budget.

Contact us today for all your company incorporation needs!

Posted in Company Incorporation.