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OCBC Bank Rolls Out Fully Remote Digital Account Opening Process For SMEs Nationwide

Rollout of its digital account opening with an eKYC option – supported by CTOS – for SMEs nationwide follows earlier pilot programmes.

Kuala Lumpur – As part of its digital banking thrust, OCBC Bank (Malaysia) Berhad (OCBC Bank) has rolled out the OCBC eBiz Account, a business account that SMEs can apply for entirely remotely without the need to step into a branch. This is made possible through the Bank’s eKYC (electronic know your customer) platform, which is supported by CTOS Data Systems Sdn Bhd (CTOS).

The OCBC eBiz Account is open only to SMEs with two or fewer directors or shareholders, which represents the bulk of OCBC Bank’s typical existing SME customers.

The Bank is rolling out the online account at a national scale, replete with the eKYC function, after having conducted pilot tests in the Klang Valley in February and then nationwide in April. The account, with a relatively low initial deposit of RM500, comes with complimentary business internet banking services [email protected] and access to OCBC Mobile Banking.

OCBC Bank Head of Emerging Business Mr Wong Chee Seng said the move is part of the Bank’s overall digital roadmap to meet the growing needs of SMEs looking to digital banking solutions to further enable them while making things more quickly accessible as well.

“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. Thereafter, and if the application is successful, the Bank will contact the customer to share with them their account number and login ID for business internet banking.

“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 said. He added that the national rollout of OCBC eBiz Account is timely given the complications and uncertainties surrounding movement beyond one’s home due to the ongoing pandemic.

Congratulating OCBC Bank on the introduction of its latest digital banking offering for SMEs, Mr Eric Chin, CEO of CTOS Data Systems Sdn Bhd, said the new service powered by CTOS eKYC will provide exceptional customer experience. “We take pride in the knowledge that our eKYC solution is the gold standard in digital identity verification and its adoption will enable OCBC to provide SME customers with access to business account opening services quickly, remotely and safely, anytime, anywhere,” he said.

Commenting on the experience of using the OCBC eBiz Account, the sole- proprietor of Biz Consultancy and Management, a company involved in the services industry, said: “I took part in the OCBC eBiz Account eKYC pilot test and I am very pleased to share that opening and operating the account is indeed simple, fast and convenient. I could open a business account at my convenience in the comfort of my home without the need to walk into a bank branch for documents verification.”

To apply, 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 additional eligibility criteria.