UOB first bank in Singapore to pilot Sign with Singpass for digital signature authorisation
UOB today announced that it is the first bank in Singapore to pilot the use of Government Technology Agency’s (GovTech) Sign with Singpass to confirm transactions or product applications using a customer’s digital signature.
UOB’s latest innovation comes off the back of research that shows COVID-19 has accelerated the move to online services, with more than 65 per cent of customers expecting banking services to be digital by default.
Under an initial 12-month pilot, the Bank will test the use of Sign with Singpass with a set of its retail and corporate customers. Some of the transactions the pilot will cover include forms for individual wealth planning services and the PayNow Corporate application.
After the pilot, UOB aims to expand the use of Sign with Singpass in more of its products and services for both the retail and wholesale segments in Singapore. The Bank also plans to expand its electronic signature capability to the region from 2022. Once rolled out across all markets, electronic signatures will cut down the use of more than two million multi-page hardcopy documents each year which in turn will save more than 700 trees per year.
Ms Susan Hwee, Head of Group Technology and Operations, UOB, said, “At UOB, we have been using technology to help build the progressive solutions that our retail and corporate customers can use to manage their banking needs. The change in customer expectations and experience during COVID-19 has made it an imperative that we explore and extend our digital capabilities across more of our financial services and products. 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.”
Mr Kwok Quek Sin, Senior Director for National Digital Identity of GovTech, said, “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.”