Highlights:

  • OCBC bank enables consumers to use SingPass to access digital banking services in Singapore for the first time.
  • Above one lakh users adopted OCBC’s digital banking services.
  • SingPass mobile banking app eliminates the need for several PINs and codes to access different bank accounts.

The OCBC bank recently declared that individuals in Singapore can use SingPass to access digital banking services through the internet or mobile banking. It is an alternative login to access its digital banking services. OCBC is the first bank to offer digital banking services to its consumers in Singapore.

In a media release, the bank said, using SingPass eliminates the need for consumers to remember several access PINs and codes. Thus, it will benefit consumers who do not use facial biometrics or fingerprint options.

OCBC said it has approximately 1.8 million consumers who prefer digital banking. To use the service, the individual must have the SingPass app installed on phones. Individuals using OCBC’s internet banking services on a desktop must scan QR code displayed on the desktop screen using a mobile phone. Thus, individuals can get access to digital banking services once their identity is validated.

Aditya Gupta, OCBC’s Head of Digital Business for Singapore and Malaysia, said, “Inclusion and accessibility have been core to our digital transformation narrative.” He also mentioned, “I believe that offering SingPass – a trusted and widely used mode of digital authentication in Singapore – as an alternate login will give more of our customers the confidence and convenience to bank with us digitally.”

Managed by the Government Technology Agency (GovTech), SingPass mobile app enables consumers to transact with more than 60 government bureaus. About 1.6 million consumers use it to access online services, including checking of Central Provident Fund (CPF) balances, filing taxes, and requesting public housing.

Senior Director, National Digital Identity, GovTech, Mr. Kwok Quek Sin, said, “GovTech will continue to push out more products on the national digital identity platform to help businesses enhance digital service delivery, improve customer experience and bring about productivity gains.”

This year, the number of digital users in Singapore has been increased due to the COVID-19 pandemic. OCBC said approximately 1 lakh consumers started using its digital banking services for the first time due to the COVID-19 pandemic this year.

For example, data collected by bank shows, there has been a 40% rise in digital transactions from last year made by those aged between 50- and 64-years old individuals. And 48% of consumers who performed digital transactions were aged above 64.

The app is exclusively used for SafeEntry logins at public locations to enable contact tracing in the case of a COVID-19 outbreak.

The Monetary Authority of Singapore’s (MAS) Chief Fintech Officer, Mr. Sopnendu Mohanty states, “the foundation of Singapore’s digital economy is laid by the seamless integration of public digital infrastructures with essential services.” He also mentioned, “With the convergence of SingPass Mobile, MyInfo and PayNow, customers can open bank accounts, access banking services and make payments online seamlessly yet safely.”