OCBC Bank (Oversea-Chinese Banking Corp., Ltd.) (SGX: O39), a multinational banking and monetary corporation founded at the OCBC Center, Singapore, has revealed that its consumers in Singapore will now be able to use their SingPass to access their virtual banking platform.
Digital banking will be done through the OCBC mobile app or the online banking portal. OCBC would be the first bank in Singapore to provide this service, which was introduced on 4 July 2020.
The SingPass Mobile app offers an option for the classic approach that calls users to sign in by manually entering an access code and PIN. SingPass users don’t want to forget those codes that can be difficult, especially for others with many other accounts.
Aditya Gupta, digital director of OCBC (for Singapore and Malaysia) said:
“Inclusion and accessibility have been at the heart of our virtual transformation history. I provide SingPass, a reliable and widely used virtual authentication mode in Singapore, as a connection of choice that will give more of our consumers the confidence and convenience of banking with us virtually.
Launched in 2018, the SingPass mobile app is used through more than 1.6 million people to access the e-government of more than 60 public agencies, adding the ability to verify the balances of central pension funds and the ability to apply for public housing.
The COVID-19 epidemic has accelerated the transition to virtual banking and fintech platforms in Singapore (and around the world). OCBC’s control noted that nearly 100,000 consumers used their virtual banking platform for the first time in 2020.
Online transfers through others over the age of 50 to 64 increased to 40% in 2020 in Singapore, while OCBC also recorded a 48% increase in virtual transactions across consumers over the age of 64.
Sopnendu Mohanty, Fintech Director of the Monetary Authority of Singapore (MAS), said the fundamentals of Singapore’s virtual economy were based on the effective integration of the key and virtual infrastructure available to the public.
Mohanty commented:
“MAS works heavily with the monetary sector to announce the adoption of basic virtual infrastructures, such as national virtual identity. With the convergence of SingPass Mobile, MyInfo and PayNow, consumers can open bank accounts, access banking, and secure online invoices [and]. »