Singapore-based
DBS Bank Ltd (SGX:D05), a multinational banking and financial services corporation with over $330 billion in assets, is reportedly using facial biometrics for handling online corporate account opening processes for small businesses. This should help the bank with speeding up information authentication and verification.
This new feature is being run on the Government Technology Agency of Singapore’s (GovTech) SingPass Face Verification technology. DBS reveals that it’s the first banking institution to be using the technology for the local business community.
DBS had first launched SingPass Face Verification as a test for small business account opening back in November 2020. Since that time, the bank claims that over 100 clients have started usig the new feature.