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Singapore-Based Bank Enables Digital Signatures Via Singpass

Under an initial 12-month pilot, Singapore’s 3rd largest bank confirmed that they had launched a programme allowing customers to sign electronic documents using the Singpass app. 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 other corporate applications. 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 ASEAN region from 2022. Once rolled out across all markets, electronic signatures will cut down the use of more than 2 million paper forms a year, said the bank. This is in line with the Monetary Authority of Singapore’s green fintech push in recent months. For markets without a national digital identity platform, the bank 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 the Government Technology Agency’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. 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, the bank added.

As reported by OpenGov Asia, since November last year, SingPass users can use the new “Sign with SingPass” feature to electronically sign contracts, agreements and other legal documentation. This feature will be progressively rolled out by GovTech’s wholly-owned subsidiary, Assurity Trusted Solutions Pte Ltd (ATS), in collaboration with eight digital signing application providers.

The signed document is platform agnostic, such that the validated signature can be viewed with the user’s preferred system. Digital signatures made with “Sign with SingPass” use certificates issued by ATS, the National Certification Authority. Upon ATS’ accreditation under Singapore’s Electronic Transactions Act, signatures made using “Sign with SingPass” will be regarded as secure electronic signatures.

The bank’s head of group technology and operations said that as more customers take to the convenience of managing their banking needs online, banks must ensure that they offer them a seamless and safe digital experience. She added that in 2018, they were the first bank in Singapore to digitalise all consumer banking product applications. Today, they are aiming to build on earlier efforts with their digital signature initiative. The initiative will not only increase the convenience for the customers but also remove one of the roadblocks – the need for physical signatures – in fully digitalising the documentation process.

The Senior Director for National Digital Identity of GovTech said that they are delighted that a bank will be piloting “Sign with Singpass” for its suite of digital services. The bank’s integration of “Sign with Singpass” is a significant step towards offering a more secure and efficient process for customers. The agency affirmed that it would continue to work with industry partners to build more beneficial services and establish new digitally enabled ways of doing business.

Today, SingPass has evolved to provide seamless and convenient access to over 1,000 digital services offered by some 250 government agencies and private organisations. There are now over 2.1 million users of the SingPass Mobile app since its launch.

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