SINGAPORE: Singapore banks will continue to improve the design of their money lock features over the coming months, the director of the Association of Banks of Singapore (ABS) said on Friday (Jan 12).
DBS, Southeast Asia’s largest lender, told CNA that customers will soon no longer need to set up a new bank account to lock their funds. The measure was introduced in November as a safeguard against fraud.
Currently, DBS and UOB customers must set up a new account to use the bank’s Money Lock feature. OCBC customers do not need to set up a new account.
In response to a question from CNA, ABS Director Ong An Aye Boon said there was “increasing interest and adoption” of the money lock feature.
“While the approach to MoneyLock taken by different banks is different, they share the same objective of protecting customers from fraud by adding an extra layer of safety in the event digital access to their bank accounts is compromised. “I do,” she added.
“The bank will continue to iterate and improve the MoneyLock design over the coming months based on customer feedback.”
Deputy Prime Minister Lawrence Wong said in a written reply to parliamentary questions on Wednesday that the money lock feature has been activated in about 38,000 accounts, securing more than S$3.2 billion (US$2.4 billion) in savings. said.
In its response to CNA, ABS did not specify what the 38,000 figure constituted.
Singapore’s three local banks (DBS, OCBC and UOB) introduced this feature late last year.
Customers can lock funds using the bank’s app or internet banking, but these funds can only be unlocked in person at a bank branch. OCBC customers can also do this using their ATMs.