Singapore's DBS is to use the Government's Singpass digital identity and authentication system to provide clients with biometric face verification for corporate account opening.
DBS first introduced SingPass Face Verification as a pilot for SME account opening in November 2020. Since then, more than 100 customers have used the feature.
Joyce Tee, group head of SME banking at DBS, says: “We are pleased to partner GovTech to deploy SingPass Face Verification for the benefit of our SMEs in Singapore. Getting a corporate account opened is the gateway for SMEs to access the critical banking services they need, including working capital support, supply chain financing, digital transformation solutions, property loans and more. That’s why we have doubled down on our digital innovation efforts to make the customer onboarding journey as seamless and intuitive as possible."
The integration of SingPass Face Verification to speed up corporate account opening comes less than six months after DBS announced that it was the first bank in Singapore to use the same technology to expedite the opening of DBS digibank accounts for retail customers. To date, over 10,000 retail customers have used SingPass Face Verification to register for digibank access.