HSBC Ups Digital Onboarding Drive
Customers of HSBC in Singapore can use a government-backed digital vault of personal data to apply for a credit card without supporting documentation.
In May 2017 Singapore government agencies together with the Monetary Authority of Singapore, began a pilot with four banks to explore simplifying online banking transactions with the use of the government’s MyInfo service.
In a statement on Monday HSBC Bank in Singapore said it is the latest institution to utilise the digital data vault by rolling out its fully-digital credit card application process to Singaporean residents.
Instant Activation
Banks in the city-state currently require users to submit copies of their identity, income and Central Provident Fund (CPF) documents for applications. With MyInfo, customers can pre-fill these government-verified personal particulars into the necessary forms, avoiding the need to submit documentation.
The integration of MyInfo to HSBC’s self-service web-based and mobile credit card application channels means that, effective immediately, applicants no longer need to provide supporting documents when applying for a new credit card online using their personal computing or mobile devices.
