Singaporean and Singapore PR business owners can now use Singpass for OCBC Malaysia account applications

OCBC Malaysia can now remotely authenticate eligible business owners via Singpass, seeking to reduce business account opening time from about three weeks to as short as five working days.

Singapore citizens and Permanent Residents (PR) can now use their Singpass application to open business accounts with OCBC Malaysia through its website. 

In a recent media release, the bank said the use of Singpass allows OCBC Malaysia to remotely authenticate eligible business owners as part of the account-opening process. OCBC said this can reduce the time required from about three weeks to as short as five working days.

The service is aimed at Singapore-based business owners starting or expanding operations in Malaysia. OCBC Malaysia said it has seen more than 10% annual growth from 2023 to 2025 in the number of SMEs it serves with Singaporean or Singapore PR owners.

Once an application has been submitted, OCBC Malaysia will carry out the required 'Know Your Customer' (KYC) checks. Where a company also has a Malaysian director, that director must authenticate their identity using MyKad.

Singaporean and Singapore PR directors of Malaysia-incorporated entities with up to two directors can follow the steps below to open a business banking account with OCBC Malaysia:

• Prepare their business registration number.
• Fill in the online application form on OCBC Malaysia’s website with their business details, including the business registration number.
• Sign on the application form digitally or upload their signature(s).
• They will receive an email with instructions to download and open the OCBC Business Singapore app to continue their application.
• On the OCBC Business Singapore app, verify their identity using Singpass.
• An OCBC Malaysia representative will reach out within one to two working days to assist with the KYC checks before completing the account opening.

Customers with OCBC business banking accounts in both Singapore and Malaysia may also apply for single sign-on access to view their accounts through one dashboard.

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