OCBC Bank today announced that it will leverage digital passport authentication as part of its KYC (Know-Your-Customer) process for foreign business owners of Singapore-incorporated SMEs.

From December 2022, such business owners – when seeking to open their first business banking account with OCBC Bank – will no longer need to mail in notarised documents or visit a bank branch so their personal details can be verified.

A far speedier, yet equally secure, option will be available to any holder of a digital passport – which comes with an electronic Near Field Communication (NFC) chip and is hard for criminals to forge.

After a virtual meeting with an OCBC employee, the business owner simply scans his or her passport’s NFC chip and biodata page using the OCBC Business mobile banking app (there is no need to log in). The information embedded in the biodata page and chip will be captured and verified against details provided during the virtual meeting.

As a further security measure, the business owner uses the app to perform a facial scan, which is then compared against the passport photo.

The use of this highly secured technology for KYC enhances the account opening process for Singapore-incorporated SMEs that have both Singapore and foreign business owners. Local business owners will continue to leverage the national data repository Myinfo for KYC.

Based on OCBC Bank’s estimates, one in three companies incorporated in Singapore annually have both local and foreign business owners.

Ms. Christie Chu, Head of Emerging Business and Commercial Banking Cash, Global Commercial Banking, OCBC Bank, said: “The decision to deploy this highly secure yet convenient authentication was an easy one. By enabling our customers to securely and remotely verify their personal details with peace of mind using digital passport authentication, we are empowering them to conduct their businesses speedily, which is critical in today’s highly digital economy. And with a third of SMEs incorporated in Singapore having foreign business owners, our service will benefit a good proportion of new SMEs.”

For more information, please visit www.ocbc.com.