DBS, POSB to give instant approvals for credit card, credit line applications made online

The service, which leverages the national platform MyInfo, is accessible to the 3.3 million registered SingPass holders in Singapore on both DBS/POSB internet banking and websites.
The service, which leverages the national platform MyInfo, is accessible to the 3.3 million registered SingPass holders in Singapore on both DBS/POSB internet banking and websites.PHOTO: DBS

SINGAPORE - DBS Bank has launched a first-in-Singapore online application service that will allow it to provide new-to-bank and existing customers instant approval for DBS/POSB credit card applications, as well as enable customers to open a DBS Cashline immediately.

Using the national platform MyInfo, the service will be available to the 3.3 million SingPass holders in Singapore, and will make the process quicker and more convenient for consumers as they do not need to provide physical documents. It typically takes up to a week for new-to-bank customers to receive their credit card or gain access to Cashline.

Back-end operations such as know-your-customer processes are also automated, while meeting MAS (Monetary Authority of Singapore) compliance standards, DBS said.

To use this service, customers can submit an online application via DBS/POSB Internet banking or the bank's websites, where they will be prompted to use MyInfo by logging in to their SingPass accounts. Upon consent, MyInfo will retrieve personal data from relevant government agencies to pre-populate relevant fields such as a customer's name, address and Notice of Assessment.

"Our focus here at DBS is to ensure customers can access our services with minimum fuss - MyInfo allows us to do this without compromising on quality, speed and accuracy," said Jeremy Soo, head of consumer banking group (Singapore) at DBS Bank.

"MyInfo adoption has been rapidly increasing since the service was introduced in March 2017. Today, one in four DBS/POSB customers will use MyInfo for online application services when given the option, and we expect this to increase with our latest credit card and DBS Cashline capabilities. We look forward to rolling out more services with MyInfo by the end of this year."