Singapore pilots digital account openings

Four banks have been selected for a digital banking pilot program established by Singaporean government agencies, in conjunction with the Monetary Authority of Singapore.

Prospective customers of United Overseas Bank (UOB), Development Bank of Singapore (DBS), Standard Chartered Bank, and Oversea-Chinese Banking Corporation (OCBC) are trialling a new digital account opening scheme, applying for accounts online without submitting supporting documentation.

The hope for the scheme is to provider faster and more convenient digital user experiences across the platforms of all four banks, and to effectively integrate digital principles for customer services.

Customers would use a registered MyInfo government profile to apply online for new accounts, which was rolled our one year ago for popular digital services provided by Singapore’s government.

“We want to explore how citizen-centric government digital services can be extended to better help industry and transform service-delivery to citizens,” said Government Technology Agency chief executive, Jacqueline Poh.

Following the trial period for the digital account openings, the useability of MyInfo is likely to additionally harnessed for credit card applications and home loans.



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