UOB First Bank to Pilot Use of Singpass Digital Signature for E-Documentsby Fintech News Singapore June 10, 2021
UOB pilots the use of Government Technology Agency’s (GovTech) ‘Sign with Singpass’ where a customer’s digital signature to confirm transactions or product applications.
The bank is the first in Singapore to offer this service according to a statement.
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.
UOB 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.
This is in line with the Monetary Authority of Singapore’s green fintech push in the recent months.
Susan Hwee, Head of Group Technology and Operations at UOB said,
“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.”
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.”
Featured image: Image of user digitally signing