Singapore’s OCBC Bank allows foreign customers to open an account via its digital app.
OCBC Bank will allow individuals from Malaysia, Indonesia, mainland China and Hong Kong to open accounts in Singapore dollars and multi-currency remotely through its digital app. The bank works with OneConnect Financial Technology, an associate company of Ping An Group, to support its full digital process, according to OCBC’s announcement.
OCBC sees the opportunity from the growing number of foreigners coming to Singapore for work, study and live. On the other hand, the bank also sees more demand for wealth management services via digital apps. As a result, OCBC expects its monthly average of foreigners who open a bank account to grow four times in 2024, compared to 2022.
