DBS makes corporate account opening for SMEs easier

DBS makes corporate account opening for SMEs easier

DBS is the first bank to deploy GovTech’s SingPass Face Verification technology to benefit the Singapore business community.

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SMEs looking to open a corporate account online will find that DBS has made the process even easier with the use of facial biometrics to speed up information authentication and verification.

This new feature runs on the Government Technology Agency of Singapore’s (GovTech) innovative SingPass Verification technology, and DBS is the first bank to deploy the technology to benefit the country’s business community.

Photo courtesy of DBS
The use of facial biometrics eliminates the need for passwords

Currently, business owners who qualify for straight through processing will need to manually key in their DBS digibank credentials to confirm their application, which has proven to be a hassle as customers often forget their credentials. With SingPass Face Verification, DBS has eliminated the need for passwords, and customers need only face the camera to authenticate their application,

The SingPass Face Verification was originally introduced as a pilot by DBS for SME account opening in November 2020. Since then, more than 100 customers have used the feature.

With the successful pilot, DBS will offer SingPass Face Verification as an authentication option for all qualifying applications from now onwards.

Joyce Tee, Group Head of SME Banking at DBS, said, “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. This in turn enables SMEs to remain focused on their business operations and stay ahead in today’s business environment.”

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