OCBC has announced that Singaporeans and Singapore permanent residents (PRs) can use their Singpass to 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, OCBC says. This is the first time Singpass is being used beyond Singapore‑based services.
There is an increasing number of Singaporeans and Singapore PRs starting businesses in or expanding across the Causeway, according to OCBC. 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 OCBC after the application to open an OCBC Malaysia business account is submitted.
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.
