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OCBC launches new account for SMEs

OCBC launches new account for SMEs

OCBC Bank (Malaysia) has launched an eBiz Account, with the expectation of attracting 6,000 new business accounts by 2022.

The new account is digital only, and SMEs can apply for one without having to visit a bank branch. Only firms with two or fewer directors or shareholders can apply for the account.

Businesses can open the account with a deposit of RM500 ($120). It offers free business internet banking services Velocity@ocbc and access to OCBC Mobile Banking.

OCBC Bank head of emerging business, Wong Chee Seng, said the move is part of the bank’s digital push to meet the growing needs of SMEs looking for online business banking. Previously, remote account opening was traditionally done by consumers rather than businesses.

Wong said the OCBC eBiz Account “will benefit SMEs significantly as they can skip the queues at the branches and avoid the crowds altogether”. He said it takes just a few minutes to apply for the account; applicants need to prove their identity via the OCBC SME eKYC app (electronic Know Your Customer).