Startups are now able to open an OCBC business account in Singapore immediately after incorporation, thanks to an API between the bank and Experian.
Once a business is incorporated, OCBC Bank can, through Experian, validate the start-up’s business profile issued by Singapore's Accounting and Corporate Regulatory Authority and approve an account immediately, rather than waiting for at least one day.
Christie Chu, head, emerging business and commercial banking cash, OCBC, says: "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. That is what we have done here by streamlining the account opening and incorporation process so that start-ups can begin running their businesses as soon as possible."