Singapore Government agencies together with the Monetary Authority of Singapore, have begun a pilot with four banks to explore simplifying online banking transactions with the use of the Government’s MyInfo service.
Starting progressively, prospective customers of United Overseas Bank (UOB), Development Bank of Singapore (DBS), Oversea-Chinese Banking Corporation (OCBC) and Standard Chartered Bank (StanChart) with a registered profile on myinfo.gov.sg can apply for a new bank account without needing to submit supporting documentation.
It is hoped the new scheme will provide greater convenience and a faster transaction time, meaning a seamless digital user experience. In addition, the banks benefit from higher productivity and lower compliance costs.
Other Financial Services to Follow
Banks currently require users to submit copies of their identity, income and Central Provident Fund (CPF) documents for applications. With MyInfo, customers can pre-fill these Government-verified personal particulars into the necessary forms, and avoid the need to submit supporting documents.
After this pilot, MyInfo may be extended later this year to other popular transactions such as applications for credit cards and home loans. MyInfo could also be extended to other sectors such as insurance.
Instant Account Activation
MyInfo has been rolled out for SingPass users since May 2016 for popular government digital services
«We want to explore how citizen-centric government digital services can be extended to better help industry and transform service-delivery to citizens,» said Jacqueline Poh, Chief Executive, Government Technology Agency (GovTech).
