SingPass Explained concisely in fewer than 500 words:
Singapore's digital identity number, Singapore Personal Access (SingPass), has proven to be a game-changer in the country's digital landscape. First introduced by the Government Technology Agency of Singapore in 2003, SingPass has evolved into a large, secure ecosystem, providing access to a multitude of governmental and private services.
To apply for SingPass, an individual can do so online or at a SingPass counter. All that is needed is the applicant's name, ID document number, and issue date. After application, a SingPass number and one-time password will be mailed to the individual's postal address. With the SingPass number, an individual can set up an account on the SingPass website or mobile app.
SingPass allows Singaporean citizens, residents, and certain pass holders to access a variety of services, including tax payment and mortgage application. It also facilitates the onboarding of clients for businesses via the MyInfo data platform. This platform automatically fills out electronic forms, significantly reducing onboarding time. Some banks have reported a decrease of up to 80% in onboarding time due to the use of MyInfo API.
In the realm of digital banking, SingPass has made a significant impact. The two largest banks in Southeast Asia, OCBC Bank and DBS, were the first financial companies to introduce SingPass Face Verification for remote client onboarding. This system, based on facial recognition linked to SingPass digital identity, allows customers to open accounts and verify their identities digitally within minutes without physically visiting a branch.
OCBC Bank uses SFV via its mobile app, allowing customers to complete face verification remotely for authentication and setting up digital tokens. This contributes to a seamless, contactless onboarding experience. DBS similarly leverages SingPass Face Verification in their onboarding and security processes, enabling rapid identity validation and streamlining the digital account opening process aligned with MAS guidelines.
The Monetary Authority of Singapore supports these implementations, encouraging the use of strong biometric verification like SingPass Face Verification to reduce fraud risks and meet compliance standards.
In summary, OCBC and DBS employ the SingPass Face Verification system as a key technology for secure, efficient remote onboarding. This improvement not only streamlines the customer experience but also upholds regulatory security and fraud prevention measures in Singapore’s digital banking ecosystem.
Businesses can also integrate the SingPass Face Verification system into their platforms for secure verification, facilitating the onboarding of clients from all around the world while staying compliant with regulatory demands. With Sumsub, for instance, businesses can ensure a secure and efficient onboarding process for their global clientele.
References:
[1] OCBC Bank. (n.d.). OCBC Singapore Mobile Banking. Retrieved from https://www.ocbc.com/personal-banking/mobile-banking
[2] DBS Bank. (n.d.). DBS Digital Banking. Retrieved from https://www.dbs.com/sg/personal/digital-banking/
[3] Monetary Authority of Singapore. (n.d.). Regulatory and Supervisory Framework. Retrieved from https://www.mas.gov.sg/regulation/regulatory-and-supervisory-framework
The SingPass Face Verification system, integrated by OCBC Bank and DBS, serves as a crucial technology for secure and efficient remote client onboarding, facilitating a seamless, contactless experience while upholding regulatory security and fraud prevention measures in Singapore's digital banking ecosystem. Businesses worldwide can also integrate this system to ensure a secure and efficient onboarding process for their global clientele, like Sumsub offers.
