Start-ups are now able to open an OCBC business banking account in Singapore immediately after incorporation, rather than having to wait one day.
Once a business is incorporated, OCBC Bank can validate the start-up’s business profile issued by the Accounting and Corporate Regulatory Authority (ACRA). This is made possible due to an Application Programming Interface (API) between OCBC Bank and global information services provider, Experian (formerly known as DP Information).
«Banks play a key role in the start-up and SME ecosystem partly because the bank account is at the centre of business operations. Given this role and our standing as banker to more than 1 in 2 SMEs in Singapore, we are in the best position to strengthen the connections among all players in this ecosystem,» said Christie Chu, Head of Emerging Business and Commercial Banking Cash, OCBC Bank in a media statement on Monday.
Support for Start-ups
OCBC Bank launched a dedicated business supporting the start-up segment at the end of 2018. Since then, it has been engaging start-ups to understand the pain points when starting a business. With a track record of serving the start-up segment, the bank found that starting a business is a journey of discovery, and many stumble along the way.
To that end, the team is putting together a start-up guide, with practical tips from successful entrepreneurs with first-hand experience. The guide will be accessible to all aspiring entrepreneurs on OCBC Bank’s website.
