Singapore

DBS to fully transition to digital tokens from April 1

DBS Bank customers will no longer be able to use their physical tokens to access mobile and digital banking services from April 1 this year, with the bank to stop issuing the physical tokens on Feb 1.

This means users will be required to use the bank's digital token, which can be set up via the DBS digital banking app, to authenticate all banking transactions.

Unlike the physical token, which is a separate device, the digital token operates within the digital banking app on users' smartphones. It is otherwise identical in function.

The bank said the digital token saves users the hassle of having to replace physical tokens that usually run out of battery after around five years.

DBS said yesterday that a large majority of its active digital banking users are already using the digital token.

It is not known how many users are still using the bank's physical token. DBS has more than three million mobile banking users in total.

DBS head of consumer banking Jeremy Soo said feedback has been positive, with customers appreciating the "added convenience" of the digital tokens.

"As more customers take to mobile banking, our aim is to ensure access to our services is as seamless and fuss-free as possible, without compromising on security," Mr Soo said.

"Digital tokens save customers the hassle of carrying around a physical token, and of being unable to access our online or mobile services should customers accidentally misplace them."

UOB was the first bank here to introduce digital tokens to customers in 2016, while OCBC launched its digital token in 2019.

UOB and OCBC stopped issuing physical tokens in 2018 and 2019 respectively, although both banks said customers can still request for physical tokens.

"OCBC vice-president of digital business Andrew Chang said the bank has made a concerted effort to nudge its customers towards adopting digital tokens, with more than half of its active digital users using the digital token now.

BUSINESS & FINANCE