OCBC: To pursue growth from digital acceleration

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OCBC plans to pursue growth opportunities arising from Covid-19’s acceleration of economic, social and digital trends on the banking industry, the Singapore bank said Wednesday.

“OCBC is well-placed to capture rising Asian wealth, support Asean-Greater China business flows, drive sustainability and pursue opportunities in high-growth industries,” the bank said in a filing to SGX with answers to shareholders’ questions before its annual general meeting (AGM).

“We will also accelerate investments in digitalisation, business transformation and our talent pool, and continue to build on our capital and risk management strengths,” OCBC said.

The bank said accelerating its digital transformation was a key pillar of its three-year corporate strategy.

OCBC plans to increase digital access for customers, with almost all new bank accounts for individuals and small- and medium-sized enterprises (SMEs) opened digitally, the filing said. The bank said it also plants to integrate its business financial-management offerings via the digital business-banking platform.

In addition, the bank said it plans to expand its digital services, including products around digital payments, travel, shopping and dining.

“Our OCBC Digital mobile banking app for individual customers in Singapore has one of the most comprehensive suite of wealth products to cater to the specific needs of every customer,” the bank said.

OCBC said it is also working to speed some initiatives to market, noting it’s working on technologies such as seamless payments, data analytics and artificial intelligence (AI).

When asked about potential acquisitions, OCBC said: “We are open to opportunities, both organic and inorganic, across our key business pillars and in our core markets, which are supportive of our growth strategy and consistent with our long-term strategic priorities.”