,Singapore

UOB to pilot 'Sign with Singpass' for e-signature authentication

The bank will test the feature with retail and corporate clients for 12 months.

UOB has become the first bank in Singapore to pilot the use of GovTech’s Sign with Singpass for digital signature authentication, the bank announced.

Under an initial 12-month pilot, UOB will test Sign with Singpass with a set of its retail and corporate customers. Some of the transactions will include forms for individual wealth planning services and the PayNow Corporate application.

The feature allows Singpass users to digitally sign an electronic document through the Singpass app. This digital signature is identifiable and uniquely linked to the signer.

During the digital signing process, only a cryptographically random, indecipherable code will be shared with UOB’s document management platform to confirm that the customer has signed the document.

After the pilot, the bank will expand Sign with Singpass in more of its products and services for both the retail and wholesale segments in the country. It also plans to expand its electronic signature capability to the region from 2022. 

Once rolled out across all markets, e-signatures will cut down the use of more than two million multi-page hardcopy documents each year, the bank said.

 

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