Instant SME account opening in Singapore

myInfo is a service designed by the Singaporean government enabling citizens and residents to consent to the sharing of their personal data to reduce the rigmarole of filling out forms and providing verification documents for online transactions. The local banks have tapped into this resource as they move towards instant account opening processes for their retail customers. DBS uses the system to verify credit scores to instantly approve new-to-bank (NTB) and existing-to-bank (ETB) credit cards and credit lines. UOB also uses the database for its retail deposits, credit cards, car loans and home loans. OCBC is the latest to join the instant bandwagon offering its time for sole proprietorships and partnerships instant account opening for its champion business products; the Business Growth or Business Entrepreneur accounts. OCBC’s agility in rolling out such services may be one of the reasons why it leads its peers when looking at RFi Group’s net promoter score (NPS) metrics within the SME space.

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