OCBC launches digitalised account opening services for foreigners moving to Singapore from key markets

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This will expedite the relocation process for foreigners moving to the country from Malaysia, Indonesia, Mainland China, and Hong Kong.

OCBC has launched a fully digital account opening service for consumers in its key markets who are relocating to Singapore.

As announced on Thursday (22 June 2023), the Bank said these individuals from Malaysia, Indonesia, mainland China, and Hong Kong will be able to open Singapore dollar and multi-currency accounts on the OCBC Digital app remotely, thus expediting the relocation process as a bank account facilitates two other key administrative arrangements – salary crediting and securing of accommodation.

Currently, the Bank stated, it minimally requires days or even weeks to open a bank account as it entails travelling to Singapore and physically visiting the bank to produce physical documentation for verification.

What the new service entails

All the features of the OCBC Digital app will be available to foreign customers who open a Singapore bank account, including its wealth management services. Users will gain access to time deposits, international remittances, unit trusts, single premium endowments, equities trading, foreign exchange trading, robo-investment services, blue-chip stocks, and precious metals like gold and silver.

To fully digitalise this process, the Bank leveraged artificial intelligence, data analytics, biometrics, blockchain, and cloud technologies from OneConnect Financial Technology, an associate company of Ping An Group. These technologies have been integrated with OCBC’s proprietary digital know-your-customer process (e-KYC).

This move to open up the services to foreigners comes as according to the Singapore Department of Statistics, from 2021 to 2022, the number of foreigners moving to Singapore for work, study, and living grew by 6.6%. In that vein, OCBC said it expects the monthly average of foreigners who open an OCBC Singapore bank account in 2024 to be four times that of 2022.

How it works

Malaysia, Indonesia, mainland China, and Hong Kong biometric passport holders who plan to relocate to Singapore can download the Singapore version of the OCBC Digital app via the Apple Store or Google Play, to begin the account application and onboarding process.

• Step 1: Open OCBC Digital app > Tap on ‘Sign up’ > ‘Foreigner with e-passport’
• Step 2: Have your passport and ID card ready for digital verification on the app.

Thereafter, the account will be opened in minutes and customers can immediately access the digital, financial, and lifestyle services on the app.

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