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OCBC Bank in Singapore has rolled out a digital instant account-opening service for all Singaporeans or permanent residents - even those who do not have an existing relationship with the bank.
The service uses national data repository MyInfo and OCBC Bank’s real-time, digital KYC process (e-KYC) so customers can open an OCBC 360 Account using their mobile device or desktop. The process takes less than five minutes via the bank’s website, with no need to visit a bank branch or provide documents. Verification and authentication happens in real time; once this is completed, customers a new account number within seconds of a successful application and can start using the account right away for functions like electronic transfers.
There are two...