Unveiling the Essentials of SingPass in Less Than Half a Thousand Words
Digital Identity Verification Simplified with SingPass in Singapore
In Singapore, the government's digital identity system, SingPass, has been revolutionizing the way individuals verify their identity, particularly in the banking sector. The SingPass Face Verification (SFV) system, launched in Summer 2020, is a key component of this transformation.
OCBC Bank and DBS, the two largest banks in Southeast Asia, were among the first financial companies to adopt SingPass Face Verification for remote client onboarding. This innovative approach allows customers to verify their identity digitally and securely, without the need to visit a branch.
The SFV system uses facial recognition linked to the user's SingPass account, a national digital identity system in Singapore. By employing this biometric verification method, banks can streamline the account opening process, ensuring convenience and security. This process helps prevent identity fraud and meets regulatory compliance for customer identification (KYC) requirements.
In high-risk scenarios, such as setting up digital tokens for secure login or transaction authorizations, the SingPass Face Verification system is particularly crucial. By confirming the client’s genuine identity through facial biometrics, it strengthens authentication and reduces the risk of account takeover or identity theft during remote onboarding.
SingPass is not limited to banking services. It is a digital identity number for Singaporeans and residents, allowing users to access hundreds of governmental and private services. The application process is straightforward, taking only three minutes, and can be done online or at a SingPass counter.
The use of the MyInfo API, a data platform integrated by businesses, further reduces onboarding time significantly. By eliminating the need for additional data and document scans, it speeds up the process, with banks reporting a decrease of up to 80% in customer onboarding time shortly after MyInfo was introduced.
MyInfo can also be integrated by businesses to automatically fill out electronic forms for their clients, making the process even more efficient. The Government Technology Agency of Singapore introduced the SingPass ID concept in 2003 as part of the national digital authentication system.
Citizens, permanent residents, holders of certain Singaporean passes, and work permit holders can hold a SingPass ID. This secure ecosystem, which includes a mobile app, has evolved to provide a seamless and secure digital identity verification experience for all eligible individuals in Singapore.
- The integration of SingPass Face Verification in the banking sector, particularly at OCBC Bank and DBS, demonstrates how technology is simplifying finance and business processes by enabling secure digital identity verification.
- With SingPass Face Verification, high-risk scenarios like setting up digital tokens for secure login or transaction authorizations in the business sector can be strengthened, thereby reducing the risk of identity theft and enhancing authentication.
