OCBC Bank (Oversea-Chinese Banking Corp., Ltd) (SGX: O39), a multinational banking and financial services corporation headquartered in OCBC Centre, Singapore, has revealed that its customers in Singapore will now be able to use their SingPass to access its digital banking platform.
The digital banking services will be available through OCBC’s mobile app or online banking portal. OCBC is reportedly the first bank in Singapore to provide this service, which was introduced on July 4, 2020.
The SingPass Mobile app provides an alternative to the traditional method which requires users to sign in by manually entering an access code and a PIN. SingPass users need not remember these codes which can become difficult, especially for people with many different accounts.
Aditya Gupta, head of digital at OCBC (for Singapore and Malaysia) stated:
“Inclusion and accessibility have been core to our digital transformation narrative. 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.”
Launched in 2018, the SingPass Mobile app is used by over 1.6 million people to gain access to government e-services from over 60 public agencies, which includes the option to check the Central Provident Fund balances and also the option to apply for public housing.
The COVID-19 outbreak has accelerated the shift towards Fintech and digital banking platforms in Singapore (and globally). OCBC’s management noted that almost 100,000 clients have been using its digital banking platform for the first time in 2020.
Online transfers conducted by people between the ages of 50 and 64 surged by 40% in 2020 in Singapore, meanwhile, OCBC also experienced a 48% increase in digital transactions by customers who are over 64.
Sopnendu Mohanty, the Monetary Authority of Singapore’s (MAS) chief Fintech officer, has said that the foundation of Singapore’s digital economy is supported by the effective integration of key services and publicly accessible digital infrastructure.
Mohanty remarked:
“MAS has been working closely with the financial industry to foster adoption of foundational digital infrastructures such as national digital identity. With the convergence of SingPass Mobile, MyInfo and PayNow, customers can open bank accounts, access banking services and make payments online seamlessly [and] safely.”