The Infocomm Development Authority of Singapore has set up a wholly owned subsidiary, Assurity Trusted Solutions Pte. Ltd., to lead its initiative to increase the security of online transactions in Singapore, the organization announced Jan. 20.
Assurity will be the national authentication framework operator for the second-factor authentication services it will provide to service providers and consumers, the company noted in a press release. Many banks offer secondary authentication methods, such as one-time passwords, to their online customers.
When consumers make online transactions in Singapore, besides entering a username and password they are required to enter an additional “second factor password,” which a token or text message could generate.
Assurity wants to provide a token free to qualified Singapore citizens and permanent residents who perform online transactions with service providers. This one token will work for all customers, regardless of the banking service they have.
The company expects to start rolling out its service to service providers in the second half of the year, after which customers will be given the token on demand.
ST Electronics Ltd. Singapore will design, build, operate and maintain the national authentication framework infrastructure for Assurity, according to the press release.
To promote the services, Assurity initially will offer them free to service providers during the first two years of commercial availability, the release adds.
Assurity has started discussions with several service providers, including entities in the government, health and financial sectors, the release added.
Officials from the authority could not be reached for comment.
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