MAS is working with the Smart Nation and Digital Government Office (SNDGO) and the Government Technology Agency (GovTech) to develop Singpass, Singapore’s national digital identity.
As a foundational digital infrastructure, Singpass is critical to achieving the vision of improving lives of citizens and creating opportunities for businesses.
“Trusted digital identities for individuals and corporates is a foundational public good that supports the development of inclusive digital financial services including payments as well as other transactions in the broader digital economy.”
Use Cases of Digital ID and e-KYC
On-boarding of new customers
Financial institutions can use Myinfo to streamline customer on-boarding, with the customer’s explicit consent.
Authentication of customers
Log in with your fingerprint using Singpass app. Say goodbye to passwords and tokens.
Digital authorisations and signatures
Enables end-to-end digital experience, truly paperless and presence-less.
Singpass services used by financial institutions
Retrieve Myinfo or Myinfo business with Singpass
Myinfo is a service that enables residents to manage the use of their personal data for simpler online transactions. Myinfo business is an extension of Myinfo that includes corporate data. MAS considers Myinfo and Myinfo business to be reliable and independent sources for the purpose of verifying the customer’s personal and corporate data. Where Myinfo is used, MAS will not require financial institutions to obtain additional identification documents to verify a customer’s identity.
Sign with Singpass
Sign enables users to digitally sign documents using their Singpass app. Signing with Singpass provides convenience and increases productivity and business efficiency - citizens no longer need to be physically present to sign documents and agreements, and businesses can digitalise document verification and filing.
Singapore Financial Data Exchange (SGFinDex)
SGFinDex is the world's first public digital infrastructure to use Singpass and centrally managed online consent system to enable individuals to access, through applications, their financial information held across different government agencies and financial institutions.
Digital ID and e-KYC 101
Non-face-to-face Customer Identification
With Myinfo, financial institutions will not be required to obtain physical documents to verify a customer’s identity and will also not be expected to separately obtain a photograph of the customer.
APIs for experimentation
The Singpass API Portal enables developers to access Singpass API specifications and use the sandbox to experiment, build and test solutions quickly and securely.
Foundational Digital Infrastructures
Digital identity establishes confidence and trust at both ends of the digital interaction. It forms the foundation of digital infrastructures , enabling interoperable and seamless services such as payments and data exchange.
Benefits of Digital ID & e-KYC
Straight-through efficiency
Allows financial institutions to develop integrated services (such as account opening) for straight-through processing.
Secure API connectivity
Provides transactional security that can enable higher assurance transactions than is commonly available today.
Better customer experience
Paperless, presence-less, seamless customer journey with Digital ID and e-KYC.