OCBC Malaysia is using Singpass to simplify account applications for business owners from Singapore, extending the option to both citizens and permanent residents, according to The Edge.
The move targets companies with links to both sides of the Causeway, as more Singapore-based entrepreneurs look to set up or grow operations in Malaysia.
The process allows the bank to verify applicants remotely during account opening, which OCBC said could cut the wait from roughly three weeks to about five working days.
The rollout comes as business activity between Singapore and Malaysia is expected to increase with the Johor-Singapore Special Economic Zone.
OCBC Malaysia’s SME client base with Singapore-linked ownership grew by more than 10 percent a year between 2023 and 2025, with F&B and manufacturing among the sectors driving demand.
Account opening in Malaysia can still involve manual document submission or branch visits for some applicants.
OCBC will continue to conduct its Know Your Customer review after an application is submitted.
Businesses with OCBC accounts in both countries can request single sign-on access, bringing their Singapore and Malaysia account views into one dashboard.
Featured image: Edited by Fintech News Malaysia, based on image by OCBC
