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Tuesday, March 6, 2012

Simplify requirements

I wanted to apply for internet banking payments through my corporate account (which was already opened a few years ago). The bank sent to me a very complicated form with more than 100 boxes to be filled in. Being unfamiliar with this form, I do not know how to proceed. The bank staff had to help me by filling in the parts that are needed. I still have to sign on several places in the form (and I do not know what are the liabilities for making mistakes). I also have to get a board resolution to be passed, and also for the resolution to be certified by a secretary (who does not work in my office).

Why do our banks create so much trouble for a simple request? I am able to write checks, so making internet banking payment is a simple extension to this function.

I suspect that this type of hassle is created by a requirement of the Monetary Authority of Singapore. I want to tell the Government that they should review all these hassles that add to the cost of doing business in Singapore.


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