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OCBC becomes the first bank in Singapore to allow the use of SingPass for accessing digital banking services

OCBC becomes the first bank in Singapore to allow the use of SingPass for accessing digital banking services
By Karan Kapoor

Key Points

  • The OCBC bank helps customers to use digital banking facilities for the first time in Singapore with SingPass.
  • Mobile banking application SingPass removes the need for several PINs and passwords to enter different bank accounts.

 

OCBC Bank Singapore customers can now use their SingPass to use digital banking services via the bank's smartphone app or internet banking network.

OCBC is Singapore's first bank to provide the option, which was launched on July 4.

 

About SingPass

Singapore Personal Access (or SingPass), introduced in March 2003, helps users to conveniently and safely interact electronically with more than 60 government departments.

The SingPass program is periodically checked, operated by the Government Technology Agency (GovTech), and there are several continuous technology upgrades to ensure that customers are provided with a safe SingPass service.

 

The SingPass Mobile app acts as an alternative to the conventional way of signing in with an access code and a Password, which removes the need to remember passcodes for various accounts. Launched in late 2018, the SingPass Mobile app helps its 1.6 million users to use government e-services from over 60 public departments, including reviewing their Central Provident Fund accounts and applying for public housing.

The Covid-19 pandemic has increased Singapore's adoption of automated banking. OCBC said it was the first time this year that almost 100,000 consumers began using its wireless banking services.

This year, digital purchases from people between the ages of 50 and 64 rose from 40%, although the bank also saw a 48% rise in digital transactions by consumers over 64 years old. During the circuit breaker era, tight stay-home initiatives have helped to dramatically reduce footfall in the physical branches of the banks and push up online sales.

 

Aditya Gupta, Head of Digital Business for Singapore and Malaysia at OCBC Bank 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. We have partnered with GovTech to pioneer the co-creation of a trusted ecosystem for Singapore’s banking industry using the national digital identity platform, which will radically improve how our customers access and experience our digital services”. (OCBC News and Views)

 

Sopnendu Mohanty, Chief FinTech Officer, Monetary Authority of Singapore (MAS), stated: “The foundation of a digital economy is the seamless integration of public digital infrastructures with essential services. We are delighted that OCBC Bank has broken new ground by enabling access to financial services with SingPass Mobile. MAS has been working closely with the financial industry to foster adoption of foundational digital infrastructures such as national digital identity for seamless integration with the growing digital economy. With the convergence of 

SingPass Mobile, MyInfo, and PayNow, customers can open bank accounts, access banking services and make payments online seamlessly yet safely.”(OCBC News and Views)

 

How to sign in to OCBC mobile with SingPass

How to sign in to OCBC Mobile and Internet Banking with SingPass

To use SingPass Mobile, sign in to the digital banking channels of OCBC Bank, customers are expected to download the SingPass Mobile app if they have not already done so.

 

To access Internet Banking:

Step 1: Tap on 'SingPass Password' on the OCBC Bank Internet Banking password page on mobile. A QR code appears on the screen.

Step 2: On a mobile device, open the SingPass Mobile app, press the 'scan' button, and scan the QR code shown on the desktop computer.

Step 3: Authenticate your identity by signing in with the SingPass Mobile app

 

For Access to Online Banking:

Step 1: Open the OCBC Mobile Banking app, and press 'Login with Mobile SingPass'

Step 2: A Smartphone QR code appears on the SingPass. Tap on QR code.

Step 3: Authenticate your identity by signing in with the SingPass Mobile app

 

Making digital banking safer  

This initiative of OCBC Bank to use SingPass for digital banking has paved a way for safe and transparent Digital Banking. The application is specifically used for SafeEntry logins at public places and established contactless banking, which is very important for the time of the Covid-19 outbreak.