Singapore banks to roll out Singpass face verification

The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have announced that major retail banks in the country will gradually introduce Singpass Face Verification (SFV) over the next three months, in a bid to enhance the digital token setup process for retail banking customers.

Essentially, the initiative is aimed at simplifying authentication processes for banking customers. Singpass, Singapore’s national digital identity system, already supports a range of government and commercial services, and the addition of face verification will enable Singaporeans to authenticate their identities, while conducting digital banking transactions.

In 2020, it was announced that iProov would be the provider of biometric face verification for the Singaporean government’s national digital identity program.

Loo Siew Yee, assistant managing director, policy, payments and financial crime) at MAS, says: “The use of Singpass Face Verification will significantly strengthen the process of digital token set up. This is important as the digital token will be used as a factor to approve subsequent transactions.

“MAS will continue to work closely with banks on measures to protect customers against scams. We urge consumers to maintain vigilance and avoid falling prey to scams by keeping updated on the latest scam tactics, practicing good cyber hygiene and making use of Money Lock.”

Article Topics

biometrics  |  face biometrics  |  facial verification  |  identity verification  |  Singapore  |  Singpass