If you’re a UOB customer, you’re in luck, because a whole lot more convenience will be coming your way real soon.
The bank announced on Thursday (10 June) that from 2022 onwards, UOB customers will be able to sign electronic documents through the Singpass app.
It is the first bank in Singapore to make use of GovTech’s Sign with Singpass to finalise transactions with one’s digital signature, which is unique to each individual.
According to the bank, they will first be testing this new service “with a set of its retail and corporate customers” as part of a one-year pilot programme.
Some transactions included in the pilot programme are forms for individual wealth planning services and the PayNow Corporate application.
After the end of the pilot programme, this service will be extended to more goods and services in Singapore’s retail and wholesale sectors.
As for goods and services that do not have a national identity platform, UOB will employ the use of electronic signatures and verify consumers through two-factor authentication.
UOB assured “confidentiality of personal data” because “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”.
According to UOB’s head of group technology and operations Susan Hwee, the expectations of consumers have evolved with the COVID-19 pandemic.
She asserted that “a seamless and safe digital experience” has to be provided for consumers who begin to take their banking activities online, attracted by the ease and convenience offered by digitalisation.
“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.”
More About the Newly Rebranded Singpass
If you missed it earlier, a rebranding of our national authentication application Singpass was launched into effect on 7 March this year.
The app was made over with a new minimalistic logo, which was Singpass’ first redesigning in 18 years.
The new update affords Singaporeans greater convenience in utilising everyday services across a range of sectors.
Digital documents can be signed digitally and transactions can be authorised without having to remember passwords.
Furthermore, to enhance the safety of digital transactions, cryptographic technology is used by Singpass.
In addition, by the end of this year, key transactional pages on the Singpass website and app will be made available in Singapore’s four official languages to facilitate ease of understanding and make Singpass services accessible to everyone.
You can read more about the rebranded Singpass right here.
Featured Image: Saranya Phu akat/ Shutterstock.com
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