Singapore Lender Power Credit Streamlines Applications with Digital Identity Verification

SINGAPORE – October 28, 2025 – Power Credit Enterprise Pte Ltd has launched a new application system at its Tras Link branch, leveraging Singapore’s national digital identity, Singpass, to expedite the loan application process. The move reflects a growing trend within the financial services sector towards digitalization, balancing enhanced customer experience with stringent regulatory requirements.

Adapting to a Digital-First Landscape

The integration of Singpass allows customers to securely verify their identity digitally before completing their application in person. This eliminates the need for manual form filling and document submission, potentially reducing processing times and improving overall efficiency. Power Credit, a licensed moneylender, emphasizes its commitment to providing accessible and compliant short-term financial solutions, and sees the new system as a natural evolution in meeting customer expectations. “Customers today expect convenience and speed,” said a source familiar with the company's strategy. “This isn’t just about adopting new technology; it’s about providing a better experience while upholding the highest standards of security and transparency.”

The company’s decision comes amidst a broader push within Singapore’s financial sector to embrace digitalization. The Monetary Authority of Singapore (MAS) has actively promoted the use of digital identity verification solutions like Singpass to foster innovation and enhance the resilience of the financial ecosystem. According to government data, over 4.7 million residents and 200,000 businesses are currently using Singpass, accessing a vast array of digital services.

Balancing Innovation and Regulation

While the move towards digital verification is gaining momentum, financial institutions in Singapore must navigate a complex regulatory landscape. Power Credit’s approach highlights a strategic balance between innovation and compliance. The company continues to require in-person completion of disbursements, a measure designed to ensure transparency and adherence to the Moneylenders Act. “The in-person step isn’t a barrier to innovation,” explained an industry analyst. “It’s a practical necessity for maintaining trust and accountability, particularly within the lending sector.”

This approach is also seen as a response to evolving consumer expectations. While customers demand convenience and speed, they also prioritize data security and transparency. By combining digital verification with in-person oversight, Power Credit aims to address both needs effectively. This also allows the company to cater to customers less comfortable with entirely digital applications.

A Competitive Edge in a Crowded Market

The integration of Singpass is not unique to Power Credit. Numerous financial institutions, including larger banks and other licensed moneylenders, are adopting similar digital verification solutions to streamline their operations and enhance customer experience. However, for smaller players like Power Credit, embracing digitalization can be particularly crucial for maintaining a competitive edge.

“In a crowded market, innovation is essential for differentiation,” noted an observer of the Singaporean financial landscape. “By offering a faster, more convenient application process, Power Credit can attract and retain customers who prioritize efficiency and digital access.” This move allows them to compete more effectively against larger financial institutions with more extensive resources. The streamlined process also supports the company’s focus on delivering personalized service and building strong customer relationships. The company's positive online reviews already reflect a commitment to customer satisfaction.

While Power Credit's implementation aligns with broader industry trends, it demonstrably enhances their ability to respond to customer needs quickly and effectively. The company emphasizes that its focus is to enhance the customer journey through innovative means that improve efficiency while adhering to the highest regulatory standards.