OCBC is first to enable use of Singpass for Singaporeans to open business account with OCBC Malaysia

At a glance

• Singaporeans and Singapore permanent residents (PRs) can use Singpass for business account opening with OCBC Malaysia
• This brings down account opening time from about three weeks to as short as five working days
• OCBC’s latest innovation is timely as more Singaporeans and Singapore PRs are starting businesses in or expanding across the Causeway

Singapore, 11 June 2026 – OCBC announced today that Singaporeans and Singapore permanent residents (PRs) can use the national digital identity – Singpass – to seamlessly open business accounts with OCBC Malaysia via its website. OCBC Malaysia can remotely authenticate the business owners via their Singpass as part of the account opening requirement. This brings the time taken for account opening down from about three weeks to as short as five working days. It significantly accelerates market entry for business owners, allowing them to commence operations, onboard customers and manage cash flows more quickly. This marks the first time Singpass is being used beyond Singapore‑based services, representing a major milestone in cross‑border digital banking.

This latest innovation by OCBC is timely given the increasing number of Singaporeans and Singapore PRs starting businesses in or expanding across the Causeway. The strongest momentum has been seen in sectors such as F&B and manufacturing. From 2023 to 2025, OCBC Malaysia saw over 10% annual growth in the number of SMEs it served with Singaporean or Singapore PR owners. This momentum is expected to accelerate with the establishment of the Johor-Singapore Special Economic Zone.

Currently, a fully digital account opening experience for these entrepreneurs is not available in Malaysia and many financial institutions still require manual documentation submission or an in-person branch visit as part of the process. The time taken for Singaporean or Singapore permanent resident directors may therefore take up to two to three weeks.

The requisite Know Your Customer (KYC) checks will be conducted by the Bank, after the application to open an OCBC Malaysia business account is submitted. More details of the steps involved are set out in Annex A.

For entities with a Malaysian director as well, the Malaysian director will have to digitally authenticate their identity using the country’s official identification MYKAD.

Customers with OCBC business banking accounts in both Singapore and Malaysia can also apply for single sign-on access, allowing them to view their accounts on a single dashboard for a more convenient and seamless banking experience.

Ms Carmen Chan, Deputy Head of Global Transaction Banking, OCBC, said: “We have been serving more SMEs in Malaysia with Singapore directors, as the JS-SEZ gains momentum and cross-border business activity between Singapore and Malaysia picks up. We expect the uptick to continue, following the recent Budget announcement that more support will be extended to SMEs expanding overseas. Technology is one key area that can address their needs and enhance their experience. Leveraging Singpass, which the Singaporean directors are already familiar with, makes sense. It streamlines the process greatly and frees our customers to focus on what matters most – leading their teams and driving business growth.”

Annex A

Singaporean and Singapore permanent resident 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 1–2 working days to assist with the KYC checks before completing the account opening.