MAS pushes financial firms to know their customers better

Government to lay out roadmap for efficient and secure management of customer data for financial firms

MAS pushes financial firms to know their customers better

Insurance News

By Gabriel Olano

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.
A pilot program is already running throughout the first quarter of this year, with two participating banks working to extend the MyInfo service to the financial industry, helping firms know their customers using trusted, government-collected personal data.

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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.
“Before you go to full e-KYC, you need to figure out a national strategy for digital identity,” said Sopnendu Mohanty, chief fintech officer of the MAS. “That’s the core, the engine. And you can build the KYC digital attributes around it, and then the distribution of the data in a safe and secure way.”

KYC and identity authentication are important for many financial services, from making an insurance claim to opening an investments account.

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