Singapore‘s United Overseas Bank (UOB), a multinational banking organization with branches mostly based in Southeast Asian countries, has announced that it’s piloting the use of Government Technology Agency’s (GovTech) “Sign with Singpass” where a client’s digital signature is used to complete transactions or access product applications.
UOB is reportedly the first in Singapore to provide this service.
Under an initial 1-year pilot program, UOB will be testing the use of Sign with Singpass with its retail and corporate clients. Some of the digital transactions the pilot will cover include individual wealth planning services and the PayNow Corporate app.
After the pilot program has ended, UOB says it plans to further expand the use of Sign with Singpass for other products and services offered to retail and wholesale segments in Singapore. UOB also intends to expand its e-signature capability in the region (from 2022).
After the service is rolled out across all key markets, digital signatures should be able to cut down the use of numerous multi-page hardcopy documents every year which may help with saving over 700 trees per year, the announcement noted. This is in line or consistent with the Monetary Authority of Singapore’s (MAS) green Fintech push.
Susan Hwee, Head of Group Technology and Operations, UOB, stated:
“As more customers take to the convenience of managing their banking needs online, we must ensure that we offer them a seamless and safe digital experience. In 2018, we were the first bank in Singapore to digitalise all consumer banking product applications. Today, we build on our earlier efforts with our digital signature initiative. The initiative will not only increase the convenience for our customers but also remove one of the roadblocks – the need for physical signatures – in fully digitalising the documentation process.”
Kwok Quek Sin, Senior Director for National Digital Identity of GovTech, remarked:
“We are delighted that UOB will be piloting Sign with Singpass for UOB’s suite of digital services. UOB’s integration of Sign with Singpass, is a significant step towards offering a more secure and efficient process for UOB customers. We will continue to work with industry partners to build more beneficial services and establish new digitally enabled ways of doing business.”