Business
10 Jun 2021 12:02PM
SINGAPORE: UOB customers will be able to sign electronic documents via their Singpass app from 2022, said the bank on Thursday (Jun 10).
Under a 12-month pilot scheme, the bank said it will first test the use of electronic signature services “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," said UOB in the media release.
After the pilot ends, the service will extend to more of its products and services for retail and wholesale segments in Singapore.
“The bank also plans to expand its electronic signature capability to the region from 2022,” it said.
For markets without a national digital identity platform, UOB will use electronic signatures and authenticate the customer through two-factor authentication.
The bank said it is the first in Singapore to pilot the use of GovTech’s Sign with Singpass to confirm transactions or product applications using a customer’s digital signature.
The digital signature is identifiable and uniquely linked to the person who signs, said UOB.
“During the digital signing process, only a cryptographically random, indecipherable code will be shared with the bank’s document management platform to confirm that the customer has signed the document, thus ensuring the confidentiality of personal data,” it added.
UOB’s head of group technology and operations Susan Hwee said customer expectations have changed with the COVID-19 pandemic.
“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,” she said.
“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.”
Source: CNA/ad(cy)
Continue reading...
UOB customers to be able to sign electronic documents via Singpass from 2022
A user exploring the Singpass mobile app on his smartphone.10 Jun 2021 12:02PM
Share this content
Bookmark
SINGAPORE: UOB customers will be able to sign electronic documents via their Singpass app from 2022, said the bank on Thursday (Jun 10).
Under a 12-month pilot scheme, the bank said it will first test the use of electronic signature services “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," said UOB in the media release.
READ: Face verification technology to allow SingPass holders to sign up for DBS digital banking services using a selfie
After the pilot ends, the service will extend to more of its products and services for retail and wholesale segments in Singapore.
“The bank also plans to expand its electronic signature capability to the region from 2022,” it said.
For markets without a national digital identity platform, UOB will use electronic signatures and authenticate the customer through two-factor authentication.
The bank said it is the first in Singapore to pilot the use of GovTech’s Sign with Singpass to confirm transactions or product applications using a customer’s digital signature.
The digital signature is identifiable and uniquely linked to the person who signs, said UOB.
“During the digital signing process, only a cryptographically random, indecipherable code will be shared with the bank’s document management platform to confirm that the customer has signed the document, thus ensuring the confidentiality of personal data,” it added.
READ: OCBC rolls out SingPass login access for its digital banking services
UOB’s head of group technology and operations Susan Hwee said customer expectations have changed with the COVID-19 pandemic.
“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,” she said.
“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.”
Source: CNA/ad(cy)
Continue reading...