The bank aims to boost digital adoption by integrating digital banking access with Singapore’s National Digital Identity (NDI) platform – the first bank here to do so.

OCBC's 1.8 million digital customers in Singapore can now access mobile or internet banking services by logging in using SingPass, a move the bank hopes will further accelerate digital adoption, it said in a statement on Thursday.

Aditya Gupta, OCBC bank’s head of digital business for Singapore and Malaysia, said that having SingPass an alternate login option will «give more of customers the confidence and convenience to bank with us digitally.»

Digital Economy

Managed by the Government Technology Agency (GovTech), SingPass is used by Singapore residents to access government e-services. GovTech has been adding more products on the platform to help businesses enhance digital service delivery, improve customer experience and bring about productivity gains. 

«MAS has been working closely with the financial industry to foster adoption of foundational digital infrastructures such as national digital identity for seamless integration with the growing digital economy. With the convergence of SingPass Mobile, MyInfo, and PayNow, customers can open bank accounts, access banking services and make payments online seamlessly yet safely,» Sopnendu Mohanty, MAS chief fintech officer, said in the announcement.

Banking Online

The bank said the Covid-19 pandemic has prompted a surge in «digital debutantes,» with 100,000 customers accessing digital banking for the first time this year, while digital transactions performed by those aged 50 to 64, and those above 64 years grew by 40 percent and 48 percent, respectively, from the year before.

OCBC previously said it is rethinking its branch network strategy as the Covid-19 «circuit breaker» diverted traffic from physical branches and prompted a surge in the adoption of digital banking services.