UOB pioneers digital signatures in Singapore
UOB has become the first bank in Singapore to pilot the use of the Government Technology Agency’s (GovTech) Sign with Singpass to confirm transactions or product applications using a customer’s digital signature.
Under an initial 12-month pilot, the bank will test the use of Sign with Singpass 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.
The bank also plans to expand its electronic signature capability to the region from 2022. Once rolled out across all markets, electronic signatures will cut down the use of more than two million multi-page hardcopy documents each year.
Sign with Singpass is part of the National Digital Identity Smart Nation strategic national project which aims to build a trusted digital identity ecosystem for citizens, public agencies and private sector companies.
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.
“At UOB, we have been using technology to help build the progressive solutions that our retail and corporate customers can use to manage their banking needs,” said Susan Hwee, head of group technology and operations. “The change in customer expectations and experience during Covid-19 has made it an imperative that we explore and extend our digital capabilities across more of our financial services and products.”