(23 November 2016 – Singapore) OCBC Bank has announced the launched a new current account for the 50,000 startups established on average each year.
According to an OCBC survey conducted in September 2016, around two-thirds of new businesses open a banking account within the first three months of incorporating the business.
The two key factors these business owners consider when choosing a banking account are:
- Initial deposit amounts
- Minimum average monthly account balance
Based on this feedback, the OCBC Business Growth Account was introduced to offer the following benefits:
- Lowest initial deposit of S$500
- Low minimum average monthly account balance of S$3,000
Data from SPRING Singapore’s Department of Statistics showed that the number of start-ups has almost doubled over 10 years, from 26,500 start-ups in 2005 to 48,000 start-ups in 2015.
OCBC Bank’s Head of Emerging Business, Global Commercial Banking, Eric Ong said: “Since one out of two businesses banks with us, we know their needs intimately. We are aware that startups have fewer and simpler transactional needs. For most startups, cash flow is always an issue and to set aside S$1,000 for an initial deposit may be tough for some of them. As such, a simple banking account will meet their requirements.”