HSBC Singapore has reportedly become the first bank in the country to introduce Singpass Face Verification (SFV) for in-app provisioning on its mobile app.
This feature enhances security by allowing users to verify their identity through Singpass, streamlining the process while aligning with new industry requirements.
These changes, mandated by the Monetary Authority of Singapore (MAS), aim to strengthen security measures across digital banking to combat rising fraud and scams.
This step-up authentication is part of broader efforts to improve customer protection and security in Singapore’s banking sector.
Other recent initiatives include the phasing out of OTPs for digital token users and the introduction of features like Money Lock to safeguard funds.
Ashmita Acharya, Head of Wealth and Personal Banking at HSBC Singapore, emphasized that while being the first to adopt SFV for in-app provisioning is significant, the goal is to ensure both security and convenience for customers.
Singpass Face Verification, developed by Singapore’s Government Technology Agency (GovTech), is currently used by over 4.5 million Singpass users to access various public and private sector services.
Featured image credit: Edited from Freepik
