SINGAPORE – OCBC Bank customers can now view and pay their income and property taxes through the bank’s digital banking platform, OCBC Financial OneView.
The bank on Thursday (July 22) said it has integrated the Inland Revenue Authority of Singapore’s payment application programming interface with the bank’s digital platform.
The new feature leverages the Singapore Financial Data Exchange (SGFinDex), a joint initiative by the Monetary Authority of Singapore and the Smart Nation and Digital Government Group. SGFinDex allows the sharing of personal financial information across participating banks and government agencies.
OCBC’s head of consumer financial services Sunny Quek said that the integration of these services would help customers with budgeting.
“Customers will obtain a holistic picture of their financial health as they can now take into account their tax expenditure,” he said.
Since the instant tax view and payment feature was made available in May this year, OCBC said 30 per cent of its customers who used the service paid their taxes through the bank.
OCBC is working on adding information on insurance policies and stock holdings.
Shares of OCBC were trading at $12.12 at 1.16pm on Thursday, up 22 cents, or 1.85 per cent.