OCBC launches new current account targeted at startups

OCBC Bank launched on Tuesday a new current account targeted at startups.

The Business Growth Account incorporates two key factors startups consider when choosing a banking account. It boasts of requiring the lowest initial deposit in the market, at S$500, and a low minimum monthly balance of S$3,000.

According to official figures, the number of startups has almost doubled over 10 years - to 48,000 in 2015 from 26,500 in 2005.

OCBC said startups that open a banking account with the bank can also sign up for a business mobile plan at competitive rates with telco operator Singtel.