Authorities in Singapore have begun testing a new know-your-customer (KYC) digital tool for the financial industry. The Monetary Authority of Singapore (MAS), Singapore's Ministry of Finance and Govtech, the digitalisation government agency, have launched a tool based on the Myinfo personal data platform, with four banks participating in the pilot.

"The Myinfo pilot with the banking industry will start in the second quarter of 2017 with four banks before scaling up to more financial institutions," said a Govtech spokesperson. The four are: DBS, OCBC, Standard Chartered Bank and UOB. "The pilot is focused on how Myinfo can simplify the opening of new bank accounts, and the banks can only request personal data that is required of all new banking customers (identity and income information)," said the spokesperson.

The platform is consent based and users can provide personal details to the government once, instead for every transaction. Launched in 2016, MyIifo is available across 19 digital services and provides automatic data field population on online digital forms.

Data items available on the platform include contact details, yearly assessable income, ownership of private residential properties, employment, highest education level, family relationships and others. 'By 2018, most relevant Singpass-authenticated digital services will be linked to the Myinfo platform,' stated Govtech, which is exploring an increase the number of personal data items that can be shared through the platform, and expanding the use of Myinfo to other 'secure commercial transactions'.

A more advanced version for the financial industry, KYC++, is also in discussion, according to sources. The upgraded version will include things such as nuanced inference of data, according to Sopnendu Mohanty, chief fintech officer at MAS.

The KYC utility pilot comes as Singapore authorities and institutions enhance their fintech efforts. Last month, OCBC launched a pilot roboadvisory service within the bank's wealth management that will allow investors to build and rebalance portfolios using automated, algorithm-based portfolio management advice without having to deal with relationship managers.

Also in March, UBS Wealth Management launched a new service for Singapore-based expatriates, the Resident Foreigner Team, which will provide specialised financial services to the segment.

Three structured deposits, all from United Overseas Bank have been listed on the SRP Singapore database this year to date. In addition, there were 23 structured warrants added to the database, including offerings from Macquarie Bank (15), UBS (five), Vontobel (two), JP Morgan Structured Products (one).

Click here for a fact sheet on MyInfo.

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