SINGAPORE: UOB has launched a pilot to allow customers to sign electronic documents via their Singpass app, said the bank on Thursday (Jun 10).
Under an initial 12-month pilot, 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 the PayNow Corporate application," said UOB in the media release.
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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 region from 2022,” it said.
Once rolled out across all markets, electronic signatures will cut down the use of more than 2 million paper forms a year, UOB said.
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 GovTech’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, said UOB.
“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,” it added.
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UOB’s head of group technology and operations Susan Hwee said customer expectations have changed with the COVID-19 pandemic.
“As more customers take to the convenience of managing their banking needs online, we must ensure that we offer them a seamless and safe digital experience,” she said.
“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.”
Editor’s note: This article has been corrected to reflect that UOB has already launched the digital signature service in a pilot scheme in Singapore.