Banks welcome use of MyInfo authentication service

Singapore

THE four banks which will use the government's MyInfo authentication service applaud the idea, saying the convenience frees them to develop more digital products and lowers their cost of customer acquisition as well.

Starting progressively from Wednesday, prospective customers of these four banks who have registered profiles on the myinfo.gov.sg portal will be able to, for example, open a new bank account without needing to submit supporting documentation.