When it comes to servicing SMEs, OCBC’s focus is on innovation via digital solutions, personalised support and sustainability financing. In short, these features reflect the fact that while SMEs form the backbone of many Asian economies, they often have limited resources and cash flow constraints.
With this in mind, OCBC continued to develop fit-for-purpose solutions in 2024, to support SMEs throughout the business lifecycle. Indeed, judges acknowledged the bank for its clear and comprehensive SME strategy in key Asian markets last year, with several aspects of its offering setting it apart in these locations.
In Singapore, for example, it has developed first-in-market solutions, such as a digital board resolution platform where customers can store and use corporate mandates, in turn saving thousands of hours every year, and also a merchant QR collection tool that accepts Chinese wallets such as Alipay+ and WeChat Pay. Other achievements included 99% of SME accounts being opened digitally and a significant reduction in time to avail pre-approved loans.
To target Malaysian SMEs, OCBC has pioneered digital onboarding solutions, achieving a 90% increase in online account opening automation for over 500 SMEs. And in capital financing, one in every two loan submissions is now done digitally. Further, local businesses can now access cash flow more quickly, with a significant reduction in the processing time for working capital loans, enabling them to respond more swiftly to their financial needs.
For Indonesia, OCBC’s SME banking solutions focuses on customer engagement through tailored solutions and upgraded services via digital platforms. The bank’s local team has also continued to promote its ‘TAYTB* Women Warriors Campaign’ , launched in collaboration with the IFC and World Bank, continuing to empower women entrepreneurs across the region.
Finally, in Hong Kong, by integrating with a business KYC verification solution and deploying electronic identity verification, the bank cut account opening times significantly, enabling same-day account openings. Further, it has given customers an all-in-one view of multiple OCBC business accounts across the region and increased efforts to support growth, such as significantly increasing the number of of government-assisted loan applications now processed digitally.
Certain initiatives are also common in multiple markets. For example, in Singapore and Malaysia, the bank supports serial entrepreneurs with access to capital for expansion. And in Malaysia and Indonesia, OCBC supports cross-border growth by fostering connectivity between ASEAN and Greater China in areas such as SME financing, trade and cash management.
Further, OCBC continued to empower SMEs to go green, with OCBC’s total sustainable f inancing for SMEs surpassing S$9 billion in 2024. And in markets like Indonesia, OCBC’s offering includes financial inclusion programmes.
Meanwhile, OCBC’s digital achievements in the SME segment also show why the bank has been so successful in innovating within its own business.
Most notably, its Digital Office platform has transformed internal applications for its 30,000 employees. As a result of strategic collaborations with cross-functional teams, close to 90% of office processes are now digitised and streamlined.
“The recognition as Best SME Bank across all our key markets affirms the trust our clients place in us. At OCBC, we see ourselves not just as bankers, but as partners in growth. Through our ‘One Bank’ proposition, we empower SMEs with regional capabilities, local insights, and industry expertise to succeed in a connected and sustainable economy.”
Christie Chu, Head of Emerging Business International
Contact
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