DBS launches initiative to let SMEs open business accounts virtually

Applications can now be completed via Skype or FaceTime.

Time-strapped SME owners can say goodbye to long lines and bothersome paperwork. DBS Bank today launched an initiative which enables SME owners to open business accounts virtually.

Under the initiative, SMEs will no longer have to meet with a relationship manager (RM) or a branch teller to complete the process of opening a business bank account.

SMEs can complete the application by speaking to their RM through mobile or tablet video applications such as FaceTime and Skype.

RMs will verify the customers’ particulars and complete their applications virtually, just as they would at the bank branch.

The virtual account opening service is available to Singapore registered businesses that are operating entities in Singapore.