OCBC unveils digital account opening for foreigners moving to SG

Individuals from Malaysia, Indonesia, mainland China, and Hong Kong can avail of the service.

OCBC has launched a fully digital account opening service for foreigners in select key markets.

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 in just minutes.

The service is expected to accommodate the rising number of foreigners coming to Singapore to work, study, and live. According to data from the Singapore Department of Statistics, the number of foreigners coming to Singapore grew by 6.6% in the 2021 to 2022 period.

“As borders reopen post-pandemic and given Singapore’s strong infrastructure and status as a financial hub, this growth is likely to continue. Consequently, OCBC expects the monthly average of foreigners who open an OCBC Singapore bank account in 2024 to be four-times that of 2022,” the bank stated in a press release announcing the digital account opening service.

OCBC said it leveraged artificial intelligence, data analytics, biometrics, blockchain and cloud technologies from OneConnect Financial Technology, an associate of Ping An group, to make the service possible.

Currently, it takes days or even weeks to open a bank account in Singapore, as it is necessary to travel within the Lion City and then go to a branch to present the physical documentation for verification.

To use the service, foreigners must have a passport and ID, for digital verification on the app.