UOB is the first bank in Singapore to pilot Sign with Singpass for digital signature authorisation. The move will cut down paper usage by two million forms a year. In turn, UOB says that this saves more than 700 trees per year.
Specifically, the Singapore Government Technology Agency’s (GovTech) Sign with Singpass confirms transactions or product applications using a customer’s digital signature.
During the digital signing process, only a cryptographically random, indecipherable code is shared with the bank’s document management platform. This confirms that the customer has signed the document, so ensuring the confidentiality of personal data.
Sign with Singpass is part of Singapore’s National Digital Identity Smart Nation strategic national project. This aims to build a trusted digital identity ecosystem for citizens, public agencies and private sector companies.
UOB Sign with Singpass: initial 12-month pilot
Under an initial 12-month pilot, the UOB will test Sign with Singpass with a set of retail and corporate customers. Some of the transactions the pilot covers 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. This will cover more of its products and services for both the retail and wholesale sectors in Singapore. The bank also plans to expand its electronic signature capability to the region from 2022.
For markets without a national digital identity platform, UOB will use electronic signatures and authenticate the customer through two-factor authentication.
Susan Hwee, Head of Group Technology and Operations, UOB, says: “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.
UOB: first bank in Singapore to digitise all retail banking product applications
“As more customers bank 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. It also removes one of the roadblocks – the need for physical signatures – in fully digitalising the documentation process.”
Kwok Quek Sin, Senior Director, National Digital Identity, GovTech, adds: “We are delighted 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 customers. We continue to work with industry partners to build more beneficial services and establish new digitally-enabled ways of doing business.”