Tag "OCBC"

LifeSG App Had Close to a Million Transactions Valued at S$41 Million Since Nov 2021

Close to 900,000 transactions, totaling over S$41 million, have been made through GovWallet on the LifeSG mobile application since the launch of the jointly developed digital payment service in November 2021 as Singapore aims to go cheque-free by 2025. LifeSG

Read More

OCBC Customers Can Now Make Direct CPF Top-Ups

OCBC Bank’s customers will be able to make direct contributions to their Central Provident Fund (CPF) from within their banking app or internet banking platform. Close to 150,000 OCBC’s customers have already leveraged the Singapore Financial Data Exchange (SGFinDex) to

Read More

OCBC Launches Its Inaugural Sustainability Innovation Challenge With SATS

OCBC Bank has partnered its corporate customer SATS, a food solutions provider, to launch the inaugural OCBC Sustainability Innovation Challenge. Companies worldwide will pitch solutions to address three waste management and reduction challenges identified by SATS relating to the segregation

Read More

OCBC Hit With S$330 Million Additional Cap Requirement After Phishing Scam

The Monetary Authority of Singapore (MAS) has imposed an additional capital requirement of approximately S$330 million on OCBC Bank. The regulator said that this move was in response to the deficiencies in the bank’s response to a wave of spoofed

Read More

Singaporeans Can Now Withdraw Government Payouts From OCBC ATMs With GovCash

The Central Provident Fund Board (CPF) has collaborated with OCBC and GovTech to launch the GovCash which replaces cheque issuance for Singaporeans who are unable to use direct bank crediting. This will allow them to receive government payouts more quickly

Read More

OCBC Beefs up Security With Instant ‘Kill Switch’ to Stop Scammers

OCBC Bank has rolled out a kill switch that enables customers to immediately freeze all their current and savings accounts in the event of a scam. The kill switch can be activated via the bank’s official contact number or at

Read More

OCBC Bank Makes Goodwill Payouts to SMS Phishing Scam Victims

OCBC Bank has begun making goodwill payouts since 8 January 2022 to customers who had fallen prey to the recent SMS phishing scam. To date, more than 30 customers have received them. The payouts to this group of customers are

Read More

OCBC Recovers US$8 Million in Fraudulent Transactions With Its Surveillance System

OCBC Bank has recovered US$8 million worth of fraudulent transactions within the first year of the deployment of its Fraud Surveillance System (FSS) that was developed together with SAS Institute, a software analytics company. In 2020, OCBC reported that more

Read More

OCBC First to Integrate With IRAS to Enable Direct Payment of Taxes

OCBC Bank is the first in Singapore to collaborate with the Inland Revenue Authority of Singapore (IRAS) to enable customers to have a seamless review and payment of their income and property taxes within a single digital platform, according to

Read More

Singapore’s Incumbent Banks: How Are They Stepping Up Their Digital Game?

In December 2020, the Monetary Authority of Singapore (MAS) announced four successful digital bank applications. Out of 14 eligible applicants, the four successful entities – a consortium comprising Singapore Telecommunications Ltd (Singtel) and Grab Holding Inc. (Grab), a consortium of

Read More