In a recent development, Singaporeans and Singapore permanent residents – RPs can now open business account with OCBC Malaysia online using Singpass, their national digital identity.
It is well to be noted that OCBC Malaysia can verify the identity of the business owners remotely with the help of their Singpass as part of its account opening standard, its Singapore parent said on June 11, 2026.
Apparently, with the facility to open business account with OCBC Malaysia, this is the first time that Singpass has been utilised for non-Singapore-based services, remarked OCBC.
Notably, the OCBC business banking customers in Malaysia and Singapore are eligible for a single sign-on access to access their accounts on one dashboard.
Currently, Singaporeans and PRs take two to three weeks for opening a business account in Malaysia, said OCBC. Many financial institutions expect people to submit documents manually or visit a branch in person as part of the process which they have.
As the Johor-Singapore special economic zone – SEZ is gaining momentum, OCBC has been assisting more SMEs in Malaysia with Singapore directors, said the deputy head of global transaction banking for OCBC, Carmen Chan.Chan adds that he expects the uptick to continue, especially after the latest budget declaration that more support is going to be given to SMEs growing overseas.