OCBC has launched a fully digital Singapore dollar and multi currency accounts opening service for foreigners from Malaysia, Indonesia, mainland China and Hong Kong SAR looking to relocate to Singapore.

The bank expects the monthly average of foreigners who open an OCBC Singapore bank account in 2024 to be four-times that of 2022.

The biometric passport holders of these countries will need to download the Singapore version of the OCBC Digital app to begin the account application and onboarding process.

Then they will need to tap on ‘Sign up’ and then move on to ‘Foreigner with e-passport’. They will need to have their passports and ID cards ready for digital verification on the app.

The bank said that the account will be opened in minutes and customers can immediately access all the features of the OCBC Digital app, including its wealth management services.

Customers will also have 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, OCBC has 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).

Sunny Quek, OCBC’s Head of Global Consumer Financial Services said,

“Our digital onboarding capability on the OCBC Digital app brings greater convenience to such consumers as it enables them to set up their Singapore bank accounts remotely, without having to physically visit a bank branch in Singapore.

By providing them with a seamless and secure way to open an OCBC account, we hope that they will be able to get settled and integrate into Singapore life more quickly.”

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• Source: https://fintechnews.sg/75427/regtech/ocbc-offers-fully-digital-account-opening-for-foreigners-relocating-to-singapore/