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Four banks to use MyInfo authentication service for customers

31791845 - 04_06_2014 - pixsingpass05.jpg
The Smart Nation and Digital Government Office (SNDGO) and Government Technology Agency (GovTech), in collaboration with the Monetary Authority of Singapore (MAS), have begun a pilot with four banks to explore simplifying online banking transactions with the use of the government's MyInfo service.

THE Smart Nation and Digital Government Office (SNDGO) and Government Technology Agency (GovTech), in collaboration with the Monetary Authority of Singapore (MAS), have begun a pilot with four banks to explore simplifying online banking transactions with the use of the government's MyInfo service.

Starting progressively from Wednesday, prospective customers of United Overseas Bank (UOB), DBS Bank (DBS), OCBC Bank (OCBC) and Standard Chartered Singapore (StanChart) with a registered profile on myinfo.gov.sg can apply for a new bank account without having to submit supporting documentation. According to GovTech, this will enable greater convenience and a faster transaction time, with the banks benefiting from higher productivity and lower compliance costs.

Banks require users to submit copies of their identity, income and CPF (Central Provident Fund) 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.

MyInfo has been rolled out for SingPass users since May 2016 for popular government digital services such as balloting of the Housing Development Board's Build-To-Order (BTO) flats. MyInfo will be available on most government digital services with SingPass two-factor authentication (2FA) by 2018.

sentifi.com

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