Data vault MyInfo to speed up bank account applications in Singapore

Data vault MyInfo to speed up bank account applications in Singapore

Prospective customers of some of the biggest banks in Singapore will no longer need to go through the process of filling up application forms with their personal particulars from now on, the Government Technology Agency (GovTech) announced on Wednesday (May 3).

SINGAPORE: Prospective customers of some of the biggest banks in Singapore will no longer need to go through the process of filling up application forms with their personal particulars from now on, the Government Technology Agency (GovTech) announced on Wednesday (May 3).

MyInfo - the Government-led digital vault containing citizens' personal data – will be extended to the banking sector progressively to four banks: United Overseas Bank, Development Bank of Singapore, Oversea-Chinese Banking Corp and Standard Chartered Bank. Plans to bring more banks on board are also in the pipeline.

Banks currently require customers to submit copies of their identity, income and CPF documents for bank account applications. With MyInfo, citizens will only need to provide their personal details once via myinfo.gov.sg, after which they will be able to open new bank accounts without needing to submit supporting documents.

DBS said customers will be able to use MyInfo to apply for all DBS and POSB deposit accounts online by end-May.

"This includes the DBS Multiplier account which is already available for MyInfo applications," a spokesperson from the bank said. "In addition, DBS and POSB have made this service available to all Singapore residents, as well as foreigners.”

"We want to explore how citizen-centric Government digital services can be extended to better help industry and transform service-delivery to citizens,” said GovTech chief executive Jacqueline Poh.

“We have seen good take-up of MyInfo and hope that this public-private collaboration will provide citizens with even more benefits."

MyInfo was piloted in May last year across popular Government e-services, such as balloting of Housing and Development Board (HDB) flats. It is currently available on 19 Government digital services at present and will be extended to more than 150 by 2018, said Civil Service head Peter Ong.

He added that beyond the opening of bank accounts, the data vault may be extended to other applications such as credit card applications and home loans by next year.

Mr Ong also pointed to a new Central Addressing Scheme (CAS) that will be launched at the end of next month.

"CAS links an individual's mobile number or NRIC number to their bank account, so inter-bank fund transfers can be made as east as sending a text. Such convenience will make e-payments more appealing to citizens, especially those who struggle to remember lengthy bank account numbers," he said.

Customers of seven major banks will be able to use CAS when it is launched. Besides those already involved in the MyInfo pilot, there are HSBC, Citibank and Maybank as well, Mr Ong said. 

Other digital initiatives in the pipeline include a centralised data sharing platform for agencies to share information securely via APEX (API Exchange), and a sensor network on lampposts to track data such as temperature and humidity.

Source: CNA/ek

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