“Our parntership with Onfido will allow us to onboard new users within a few hours instead of the average/standard two to three business days.” – Eng Thiam Choon, CEO, Tiger Brokers (Singapore)
Another financial institution is turning to Onfido for secure onboarding and identity verification. The company’s latest customer is Tiger Brokers (Singapore), an online brokerage that lets users trade and manage their investments through its Tiger Trade platform.
Onfido will be supplying Tiger Brokers with automated identity technology to help the firm speed up its onboarding process. The solution is compliant with the latest Know Your Customer (KYC) requirements, and it will help Tiger Brokers keep up with growing demand by allowing new users to sign up remotely.
The Onfido platform uses facial recognition to match a selfie to the image on an official government ID. The company’s document recognition tech is compatible with thousands of documents internationally, though Tiger Brokers indicated that people should be using either their passport or their Singapore NRIC card. The deployment will also ask users to take a short selfie video (rather than a photo) to ensure that the individual is present.
“Our partnership with Onfido will allow us to onboard new users within a few hours instead of the average/standard two to three business days,” said Tiger Brokers (Singapore) CEO Eng Thiam Choon. “We want to make investing as accessible and convenient as possible to our Singapore-based users, and this is a positive step in providing Singapore’s digitally and financially savvy investors access to some of the most exciting global markets in the world.”
“Singapore is known as the fintech hub of Asia and we are proud to be supporting Tiger Brokers (Singapore) in their digitisation journey,” added Onfido APAC GM Harvinder Singh. “Onfido brings trust to digital interactions worldwide, and we’re excited to be partnering with a company that’s equally ambitious.”
Singapore’s DBS Bank and OCBC Bank recently started using the country’s new SingPass Face Verification system to onboard and authenticate their customers. Onfido, meanwhile, has provided digital identity services for Orange and the One digital banking platform.
August 23, 2021 – by Eric Weiss