DBS Enables SMEs to Open Accounts Using Facial Biometricsby Fintech News Singapore February 23, 2021
DBS is using facial biometrics for online corporate account opening for SMEs to speed up information authentication and verification.
This new feature runs on the Government Technology Agency of Singapore’s (GovTech) SingPass Face Verification technology, and DBS claims to be the first bank to be deploying the technology for the business community.
DBS first introduced SingPass Face Verification as a pilot for SME account opening in November 2020 and since then, more than 100 customers have used the feature.
With the success of the pilot, DBS will offer SingPass Face Verification as an authentication option for all qualifying applications from today.
Coupled with further enhancements to the customer onboarding journey, SME accounts can now be opened and accessed online in 20 minutes.
Joyce Tee, Group Head of SME Banking at DBS, said,
“We are pleased to partner GovTech to deploy SingPass Face Verification for the benefit of our SMEs in Singapore. Getting a corporate account opened is the gateway for SMEs to access the critical banking services they need, including working capital support, supply chain financing, digital transformation solutions, property loans and more.
That’s why we have doubled down on our digital innovation efforts to make the customer onboarding journey as seamless and intuitive as possible. This in turn enables SMEs to remain focused on their business operations and stay ahead in today’s business environment.”
The integration of SingPass Face Verification to speed up corporate account opening comes less than six months after DBS announced that it was the first bank in Singapore to use the same technology to expedite the opening of DBS digibank accounts for retail customers.
To date, over 10,000 retail customers have used SingPass Face Verification to register for their DBS digibank access.
Featured image credit: DBS