Done in 60 seconds: OCBC taps power of digital to offer instant car loan approvals

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SINGAPORE (March 3): Goh Wee Tiong was greeted by a pleasant surprise recently, when he bought a car from Premium Automobiles, the exclusive retailer of Audi cars in Singapore.

His car loan — from application to approval — took just 60 seconds.

This is thanks to OCBC Bank’s proprietary real-time KYC and credit assessment system, which leverages on the national data repository, MyInfo, to simplify a process that traditionally take a few working days.

“It was a refreshing change from what I am used to...(click on link for full story on