ASEAN SME Bank of the Year SME Bank of the Year - Malaysia SME Bank of the Year - Indonesia
OCBC leverages digitisation to deliver maximum growth for ASEAN SMEs and startups
Eric Ong, head of emerging business, global commercial banking, OCBC
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ntrepreneurs may never run of out ideas, but they most certainly are prone to run out of cash – something that many SMEs and startups fear will hinder them from staying alive in the market. Due to the risks that accompany ventures well within their first few months of operations, banks are typically a no-go as a funding source. OCBC breaks the ice between banks and budding businesses through a wide range of solutions that increases SMEs’ access to a pool of wealth and expertise sans the usual load of documentary requirements and constant over-thecounter visits. “We have the general capability to serve customers by providing local market know-how and access. It is also very important to support them at every stage of the business growth,” said Eric Ong, OCBC’s head of emerging business, global commercial banking. Unparalleled advantage OCBC has over 80 years of experience serving the SME segment. This enables it to access a huge volume of information that it uses to strategise its financing products across the different 80 ASIAN BANKING AND FINANCE | DECEMBER 2016
evolving needs. For example, to address the challenge that SMEs and startups face to obtain funding in their early years, we introduced our Business First Loan in 2014 where businesses as young as six months old can get up to $100,000 in funding. We also partnered with the government in providing services to help improve loan accessibility for SMEs,” said Ong. OCBC provides new Singaporean businesses a good headstart at the minimum cost through the Business First Account – Lite, a product which enables customers to enjoy 30 free cheques a month, no minimum balance for the first six months, all for just $38 a year. The Business First Loan has captured more than 50% of the number of loans under the SME Micro Loan Programme for young companies.
Regional prowess stages of a client’s life cycle, from “The SME market is a growing and establishment to overseas expansion, important pillar of every country’s and even during an IPO. economy. OCBC is the leading SME The bank’s wide lead in the sector bank in the region, and we have been allows it to launch many first-toproviding support to many SMEs in market products such as biometrics Singapore, Malaysia, Indonesia, and based authentication and peer-to-peer Greater China,” said Ong. payments integrated into social media. Due to its topnotch portfolio It is also the first bank of services, a knack in Singapore to launch for technology and a mobile app with “OCBC breaks the ice innovation, and a wellOneTouch technology, between banks and established reputation, allowing business budding businesses OCBC is the bank of owners to access their through a wide range choice for young ASEAN financial information of solutions that businesses and the bank hassle-free. increases SMEs’ access for life of older ones. “We have also to a pool of wealth and “We are very honored launched an online expertise.” to receive not one but account application three SME Bank of through which SMEs the Year awards, as a can submit a simple application form definition of our long and rich heritage online to open a business account. of serving the SME segment and We are continually looking at ways to reinforces our position as an SME Bank innovate to redefine services relevant in Singapore and the region,” said Ong. to customers through innovation and making our services simple, fast, and CONTACT convenient for SMEs,” shared Ong. Loan leader “We continually look at ways our products can meet our customers’
Company name: OCBC Bank Address: 65 Chulia Street Singapore 049513 Website: www.ocbc.com