OCBC customers can now access digital banking services with SingPass
OCBC is the first bank in Singapore to offer this service, which started on July 4, the bank said on Thursday (July 16).
The SingPass Mobile app serves as an alternative to the traditional method of logging in with an access code and a PIN, and eliminates the need to remember multiple such codes for different accounts.
“Inclusion and accessibility have been core to our digital transformation narrative,” said OCBC’s head of digital business for Singapore and Malaysia Aditya Gupta.
“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.”
The SingPass Mobile app, launched in late 2018, allows its 1.6 million users to access government e-services from more than 60 public agencies, including the checking of their Central Provident Fund balances and applying for public housing.
The Covid-19 pandemic has accelerated the adoption of digital banking in Singapore. OCBC said nearly 100,000 customers started using its digital banking services for the first time this year.
Digital transactions performed by those aged 50 to 64 increased by 40 per cent this year, while the bank also witnessed a 48 per cent jump in digital transactions by customers aged over 64.
Strict stay-home measures during the circuit breaker period also served to significantly reduce footfall at banks’ physical branches and drive up online spending.
Mr Sopnendu Mohanty, the Monetary Authority of Singapore’s (MAS) chief fintech officer, noted that the foundation of Singapore’s digital economy is laid by the seamless integration of public digital infrastructures with essential services.
“MAS has been working closely with the financial industry to foster adoption of foundational digital infrastructures such as national digital identity,” he said.
“With the convergence of SingPass Mobile, MyInfo and PayNow, customers can open bank accounts, access banking services and make payments online seamlessly yet safely.”