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OCBC offers SingPass access to its digital banking services
OCBC Bank customers in Singapore can now use their SingPass Mobile app to access digital banking services via the bank’s mobile app or Internet banking.
OCBC is the first bank in Singapore to offer this service, which started on July 4, the bank said in a statement on Thursday.
Using SingPass Mobile as an alternate log-in eliminates the need to remember multiple access codes and PINs, thus benefiting customers who access their digital banking platforms using the conventional method instead of by fingerprint or facial biometrics.
Aditya Gupta, who leads OCBC’s digital business team in Singapore and Malaysia, said inclusion and accessibility are central to the organisation’s digital transformation. “I believe that offering SingPass – a trusted and widely used mode of digital authentication in Singapore – as an alternate log-in, gives more of our customers the confidence and convenience to bank with us digitally.”
Digital banking transactions in Singapore have surged amid the Covid-19 pandemic. Among OCBC customers, close to 100,000 “digital debutantes” started using digital banking for the first time this year. The bank also recorded a 40 per cent increase in digital transactions by those aged 50 to 64; customers older than this clocked a 48 per cent increase in digital banking transactions from last year.
The Monetary Authority of Singapore’s chief fintech officer Sopnendu Mohanty said the regulator has been working closely with the financial industry to facilitate adoption of foundational digital infrastructures, such as the national digital identity, for seamless integration with the growing digital economy.