The first cross-border use of Singpass removes the need for manual documentation, targeting Singaporean entrepreneurs expanding into Malaysia
OCBC Malaysia has become the first bank to use Singapore’s national digital identity system, Singpass, for business account opening outside Singapore, cutting the process from up to three weeks to as little as five working days.
Singaporeans and Singapore permanent residents can now apply for an OCBC Malaysia business account through the bank’s website, authenticating their identity remotely via Singpass. The bank then conducts the required KYC checks before completing the application. For entities that also have a Malaysian director, that individual authenticates using Malaysia’s MyKad identification system.
Customers who hold OCBC business accounts in both countries can apply for single sign-on access to view both accounts on one dashboard.
The timing is deliberate. Cross-border business activity between Singapore and Malaysia has been growing, particularly in food and beverage and manufacturing, and is expected to accelerate as the Johor-Singapore Special Economic Zone develops. OCBC Malaysia saw over 10% annual growth in SME customers with Singaporean or Singapore PR owners between 2023 and 2025.
The problem the feature solves is a real one. Most Malaysian banks still require manual document submission or an in-person branch visit from foreign directors, making account opening a significant operational bottleneck for businesses trying to establish themselves quickly across the Causeway.
“Leveraging Singpass, which the Singaporean directors are already familiar with, makes sense,” said Carmen Chan, deputy head of global transaction banking at OCBC. “It streamlines the process greatly and frees our customers to focus on leading their teams and driving business growth.