OCBC Enables Banking Access Via SingPass Digital Identity

Source: Regulation Asia Editors, Regulation Asia 2020-07-17

OCBC’s Aditya Gupta says the use of SingPass as an alternate login for mobile and online banking will give more customers the confidence to bank digitally.

OCBC Bank has become the first bank in Singapore to allow customers to use the national digital identity platform to access digital banking services.

The SingPass Mobile app, launched in late 2018, serves as an alternative way to access banking services for customers who currently use an access code and PIN to log in.

Managed by GovTech (Government Technology Agency), SingPass currently allows more than 1.6 million users to securely transact with over 60 government agencies online, including to check provident fund balances, file taxes, and apply for public housing.

“Since the Covid-19 outbreak in Singapore, digital transactions among OCBC Bank customers have surged as the pandemic accelerated digital adoption,” OCBC said in a statement. “SingPass Mobile login will further accelerate digital banking adoption.”

About 100,000 customers have started using digital banking for the first time this year, including a more than 40% year-on-year increase in digital transactions performed by those aged over 50.

According to OCBC’s head of digital business for Singapore and Malaysia Aditya Gupta, the use of SingPass as an alternate login will give even more customers the confidence and convenience to bank digitally.

“The foundation of digital economy is the seamless integration of public digital infrastructures with essential services,” said MAS (Monetary Authority of Singapore) Chief FinTech Officer Sopnendu Mohanty. “We are delighted that OCBC Bank has broken new ground by enabling access to financial services with SingPass Mobile.”

“With the convergence of SingPass Mobile, MyInfo, and PayNow, customers can open bank accounts, access banking services and make payments online seamlessly yet safely.”

In June 2018, OCBC Bank also became the first in Singapore to enable instant deposit account opening using MyInfo – Singapore’s national data repository – integrated with the bank’s real-time e-KYC process. In May 2019, OCBC extended the use of MyInfo and its e-KYC process to online applications for cards, personal loans, and lines of credits; and then to home loans and car loans in Feb 2020.

OCBC

SingPass

OCBC Enables Banking Access Via SingPass Digital Identity

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