The Monetary Authority of Singapore (MAS) will launch a national know-your-customer (KYC) utility for financial services, such as those in insurance and banking, in an effort to make these services more secure and more efficient.
The new system will be based on the MyInfo digital identity service, a joint project by the Ministry of Finance and GovTech, Singapore’s lead agency for digital and data strategy.
The MyInfo personal data platform contains government-verified data such as the individual’s address and national ID number, allowing Singaporeans to provide the government with their data just once, and simply just retrieve their personal details for all subsequent transactions.
