Singapore’s OCBC Bank launches digital account opening service for large corporate clients

Maria Nikolova

The new service simplifies the account opening process for multi-national companies and other large corporate customers.

Oversea-Chinese Banking Corp. Limited (SGX:O39), or OCBC, has announced the launch of a digital account opening service for multi-national companies (MNCs) and other large corporate customers.

The bank notes that setting up an account for MNCs and large corporates can be rather tedious. As part of the process, these large organisations are typically required by banks to fill in a physical application form that could be as long as 40 pages with more than 200 data fields.

The main advantage of the digital service is the reduction of the time needed to set up an account. This can be shortened from months to weeks, in some cases by as much as 75%. The number of data fields has also been reduced from more than 200 to less than 50. Accuracy of data and documents submitted has been improved substantially. The chance of human error occurrence is minimised.

There are two key features of the digital account opening service:

  • Digital connectivity: Information related to the Singapore operations of the large corporate is auto-populated from the Accounting and Corporate Regulatory Authority’s (ACRA) business registry database, via a service provider. Where the same information is required in multiple sections, the entry made in the first instance is auto-populated subsequently.
  • Dynamic advisory: Based on the company profile and information provided by the applicant, the digital service advises the applicant on the specific documents needed to be submitted thereafter to complete the application. These documents include articles of association, board resolutions and certificates of incumbency.

The launch of the new service underlines OCBC Bank’s digital push. In July this year, for instance, the bank unveiled its plans to convert bank tellers into digital ambassadors and service executives. OCBC Bank expects to see half of its bank tellers upskilled to perform higher value-added financial services as it installs the latest ATMs and digital service kiosks at 35 of its branches by 2020.

Read this next

Institutional FX

Euronext’s FX volume takes yet another step back in July

Pan-European exchange, Euronext has reported a 7.6 percent drop in the average daily volume on its spot foreign exchange market. The ADV figure stood at $21.4 billion in July 2022, which is down from June’s $23.1 billion.

Executive Moves

IG Group strengthens institutional sales with appointment of Glen Hastings

IG Group, Europe’s largest online trading platform, has onboarded Glen Hastings to the role of its institutional sales manager. He joins the FCA-regulated broker with immediate effect, based out of its offices in London.

Digital Assets

Voyager customers can withdraw up to $100K in cash via ACH transfer

Following approval of the bankruptcy judge, cryptocurrency brokerage firm Voyager plans to return $270 million in customer cash. The amount represents a small portion of investors’ crypto holding that have been locked up since the company filed for bankruptcy in April.

Retail FX

Britain’s lifeboat system to conclude LCG compensation scheme

Britain’s Financial Services Compensation Scheme (FSCS) said today it’s preparing to close the compensation scheme of the collapsed mini-bond provider, London Capital & Finance.

Uncategorized

Robinhood parts ways with its first CPO Aparna Chennapragada

In what apparently part of the restructuring it announced last month, Robinhood is parting ways with its Chief Product Officer Aparna Chennapragada. However, she’ll remain employed in an advisory role to the CEO through January 2023.

Digital Assets

Crypto.com expands regulatory footprint with new licence in South Korea

Crypto.com has acquired payment service provider ‘PnLink Co., Ltd.’ and virtual asset service provider ‘OK-BIT Co., Ltd.’ The move effectively provides a regulatory stamp for the company’s digital assets and cryptocurrencies business in South Korea.

Metaverse Gaming NFT

Why NFT Technology Could be the Much Needed Solution to Crypto Inheritance 

The digital asset market may have started with Bitcoin’s humble beginning but its fortunes have changed over the past decade.

Industry News

Kohle Capital Markets expands CFDs lineup to 200+ stocks

Kohle Capital Markets (KCM), the leading international provider of online trading, has once again expanded its contracts-for-difference (CFDs) offering, this time with the addition of new products on its trading platform.

Industry News

Kohle Capital Markets continues CSR initiatives with donation of art piece to Lions Club International

Global brokerage firm Kohle Capital Markets (KCM) is taking its corporate social responsibility very seriously and continues to navigate the challenging period brought forth by the pandemic and Russia-Ukraine war.

<