23/06/2023 (Singapore) - OCBC launched a fully digital account opening service for consumers relocating to Singapore from key markets such as Malaysia, Indonesia, mainland China, and Hong Kong. Using the OCBC Digital app, individuals could remotely open Singapore dollar and multi-currency accounts within minutes, expediting the relocation process.
By leveraging technologies like AI, data analytics, and blockchain from OneConnect Financial Technology, OCBC digitized the onboarding process and integrated it with their digital know-your-customer process.
The timing of this launch was opportune, as more foreigners were coming to Singapore for work, study, and living. With Singapore's strong infrastructure and status as a financial hub, the number of foreigners relocating was expected to continue growing. Opening a Singapore bank account through OCBC's digital platform granted foreign customers access to a range of features, including wealth management services, time deposits, international remittances, and investment options such as equities, robo-investments, and precious metals.
The demand for digital wealth management services saw significant growth, with OCBC's foreign customers in Singapore investing through the OCBC Digital app increasing fourfold since 2020. Sunny Quek, OCBC's Head of Global Consumer Financial Services, highlighted that the digital onboarding capability provided convenience to consumers, enabling them to set up Singapore bank accounts remotely without visiting physical branches. This streamlined process aimed to help newcomers settle and integrate into Singaporean life more quickly.
Overall, OCBC's digital account opening service catered to the increasing demand for banking services among relocating individuals, providing a seamless and secure way to open accounts and access a range of financial products and services through the OCBC Digital app.