OCBC enables authentication tech for foreign business owners to open new bank account
எஸ். வெங்கடேஷ்வரன்
OCBC Bank is making it easier for foreign owners of Singapore-incorporated small and medium-sized enterprises (SMEs) to open business banking accounts, through the use of digital passport authentication.
Based on OCBC’s estimates, one in three companies incorporated in Singapore annually have both local and foreign business owners, the bank noted in a press statement on Tuesday (Nov 8).
From December this year, such foreign business owners – when seeking to open their first business banking account with OCBC Bank – will no longer need to mail in notarised documents or visit a bank branch for their personal details to be verified.
OCBC is leveraging digital passport authentication as part of its know-your-customer process. Through this, foreign business owners of Singapore-incorporated SMEs can use their digital passport – which comes with an electronic near-field communication (NFC) chip that makes it hard for criminals to forge – to verify their details with the bank.
After a virtual meeting with an OCBC employee, the business owner scans their passport’s NFC chip and biodata page using the OCBC Business mobile banking app, and the information embedded in the biodata page and chip will be captured and verified against details provided during the virtual meeting.
In addition, the app also performs a facial scan, which is then compared against the passport photo.
With a third of SMEs incorporated in Singapore having foreign business owners, this service will benefit a good proportion of new SMEs, said Christie Chu, head of Emerging Business and Commercial Banking Cash, Global Commercial Banking, at OCBC Bank.
“By enabling our customers to securely and remotely verify their personal details with peace of mind using digital passport authentication, we are empowering them to conduct their businesses speedily, which is critical in today’s highly digital economy,” Chu noted.
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