OCBC Malaysia rolls out eBiz account for SMEs

With the OCBC eBiz Account, which is part of its digital banking thrust, SMEs can apply for entirely remotely without the need to step into a branch.

KUALA LUMPUR: OCBC Bank (Malaysia) Bhd expects its OCBC eBiz Account, a business account that SMEs can apply for entirely remotely, to see at least 6,000 new business accounts by the end of the year.

With the business account, which is part of its digital banking thrust, SMEs can apply for entirely remotely without the need to step into a branch.

It is open only to SMEs with two or fewer directors or shareholders, which represents the bulk of OCBC Bank’s typical existing SME customers.

“This is made possible through the bank’s eKYC (electronic know your customer) platform, which is supported by CTOS Data Systems Sdn Bhd (CTOS),” it said.

OCBC Bank said it is rolling out the online account at a national scale, replete with the eKYC function, after having conducted pilot tests in the Klang Valley in February and then nationwide in April.

The account, with a relatively low initial deposit of RM500, comes with complimentary 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 overall digital roadmap to meet the growing needs of SMEs looking to digital banking solutions to further enable them while making things more quickly accessible as well.

He said remote account opening was previously the mainstay of consumer banking and tended to benefit only individual customers 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.

In a matter of minutes, they will be able to complete their application for an online business banking account at their convenience and verify their identity via the OCBC SME eKYC app.

Thereafter, and if the application is successful, the bank will contact the customer to share with them their account number and login ID for business internet banking.

“We expect good take up from this offering and hope to see at least 6,000 new business accounts through this digital channel by the end of the year,” he said.

Wong added the national rollout of OCBC eBiz Account is timely given the complications and uncertainties surrounding movement beyond one’s home due to the ongoing pandemic.

CEO of CTOS Data Systems Sdn Bhd, Eric Chin said the new service powered by CTOS eKYC will provide exceptional customer experience.

“We take pride in the knowledge that our eKYC solution is the gold standard in digital identity verification and its adoption will enable OCBC to provide SME customers with access to business account opening services quickly, remotely and safely, anytime, anywhere,” he said.

To apply, the one or two-director/shareholder SMEs need to be registered under Suruhanjaya Syarikat Malaysia (SSM) and owned by Malaysian/permanent residents only. They may also need to adhere to additional eligibility criteria.