News Contact Us

Singapore’s OCBC to launch digital security token feature on its app

Author : Saif Ali Bepari | Published Date : 2019-02-20 

Oversea-Chinese Banking Corporation (OCBC) has reportedly launched a digital security token called OCBC OneToken for its mobile banking app in a bid to replace the issue of hardware security tokens and reduce SMS OTPs.

As per an official press release, through this move, the Singapore-based bank is looking to save SGD 25 million over the next five years. The bank also claimed that it had already launched the service for its customers in Singapore in January. Since then over one in four digital customers have activated the OCBC OneToken on their mobile devices. Additionally, over two million transactions have been conducted and validated through the OCBC OneToken.

Aditya Gupta, Head of E-business Singapore and Malaysia at OCBC was quoted saying that the shift toward digital security tokens will enable OCBC customers to skip their hardware tokens and bank more easily and securely with OCBC.

Gupta further mentioned that since everyone has their mobile devices with them all the time, activating OCBC OneToken on their devices makes digital banking completely frictionless, requiring no hardware tokens, SMS OTPs, or passwords for authentication. Moreover, the bank is excited over initial positive feedback received from customers and is confident that most of its digital customers will adopt this technology, Gupta added.

As per the bank, these tokens can be used along with biometric authentication, access codes, and PINs. In addition, OneToken will automatically validate transactions that take place through the banks’ mobile app and would enable customers to  approve transactions through the registered mobile phone when banking on other devices, the bank stated. Moreover, the security tokens can also be used without any data connectivity by creating OTP on the registered mobile device, claimed sources.

For the record, OCBC is on a constant lookout to integrate modern technologies into the banking system. For instance, the bank launched two pilot projects last year to trial AI technology on fintech solutions, reported sources.    

About Author

Saif Ali Bepari

Saif Ali Bepari

A qualified Computer Science graduate, Saif Ali Bepari, armed with more of an inclination toward writing than coding, commenced his journey in the content industry as a freelancer. Currently penning down content for fractovia.org and a couple of other portals, Saif has also tinkered with creative writing, technical writing, blog writing, and copywriting. He can be contacted at- [email protected]g | https://twitter.com/Saif_B17

Related News

Co-working firm Spacious the latest in WeWork’s acquisition spree

Published Date: 2019-08-29         Author: Saif Ali Bepari

New York-based co-working business, The We Company, formerly known as WeWork, has today announced its acquisition of rival start-up Spacious. The company, formed three years ago, is focused on converting restaurants closed during the day into efficient spaces for co-working. WeWork is a part of many... Read More

HAPSMobile wins federal approval to fly unmanned aircraft above Hawaii

Published Date: 2019-08-09         Author: Saif Ali Bepari

The development of HAWK30 focuses on providing an enhanced stratospheric telecommunication platform Japan based HAPSMobile- a subsidiary of SoftBank Corp., has reportedly confirmed that it has received an Authorizing Certificate from US Federal Aviation Administration to fly HAWK 30, a solar oper... Read More

FEMSA to ink joint venture deal with Raizen Conveniencias in Brazil

Published Date: 2019-08-07         Author: Saif Ali Bepari

Mexico based Fomento Economico Mexicano (FEMSA), a leading retail and beverage company, has reportedly announced that it will sign an agreement with Raizen to enter into a 50-50 joint venture. The collaboration aims at creating a powerful platform for FEMSA in the convenience store market in Brazil ... Read More

© 2020 Fractovia. All Rights Reserved