SINGAPORE: From next year, consumers can expect a hassle-free experience when it comes to applying for a credit card across different banks, or even a new mobile phone SIM card.
Filling up the relevant online forms would only be a click away, if SingPass users had provided their personal details through the MyInfo service. The information would be stored in a digital vault, so that users can skip filling in data repeatedly for every digital transaction.
This was already possible for some transactions on government portals and on Friday (Nov 10), a new portal was launched to provide local businesses with the resources to integrate their digital services with MyInfo.
As part of Singapore's move towards a Smart Nation, MyInfo, which was first launched in May last year across selected government digital services, compiles personal information such as NRIC numbers, income and CPF data from different public agencies into a central database.
As of September this year, there have been close to 200,000 sign-ups for MyInfo.
A pilot programme that was extended to four banks, DBS, OCBC, UOB and StanChart, has also seen customers do away with the option of filling up application forms and submitting supporting documents.
These banks reported an average drop of up to 80 per cent in application time for customers, and up to 15 per cent higher approval rate due to MyInfo’s verified data.
Mr Chan Cheow Hoe, government chief information officer at Govtech said: "For the businesses, this is a very convenient way for them to set up accounts. Instead of the old way of filling paper forms and keying into the computer, today the data goes directly into (their) applications. Another important thing is because (the data) is so secure and accurate, productivity goes up significantly … they don’t have to second guess."
The agency also added that security and privacy of citizen data remains “a key priority” and businesses will need to seek consent from customers at the point of every transaction before any data is released.
More than 100 businesses across different sectors such as telecommunications, utilities and education have expressed interest, with over half of them - 59 per cent - from financial institutions.
Four more financial institutions - Citibank, HSBC, MayBank and American Express - are aiming to be on board by the first quarter of 2018.
Developers can now access the portal online at https://myinfo-api.app.gov.sg, while businesses can log in with their CorpPass next month to request for the integration of services.
Businesses will be considered based on several factors, including compliance to the Personal Data Protection Act as well as how relevant the data would be for the business use.
"Digitalisation is all about transmission of data. This is a safe and secure way of transcribing verified data, which is sanctioned by the government. I think that fuels the digitalisation process significantly in Singapore,” said Mr Chan.