Media Releases
Opening Bank Accounts Becomes More Seamless and Convenient for MyInfo Users
3 May 2017
GovTech, SNDGO, and MAS launched a pilot with UOB, DBS, OCBC, and StanChart to simplify online banking with MyInfo. A streamlined process. 💻📂
Streamlined process for opening bank accounts with MyInfo users
The Smart Nation and Digital Government Office (SNDGO) and Government Technology Agency (GovTech), in collaboration with the Monetary Authority of Singapore (MAS), have begun a pilot with four banks to explore simplifying online banking transactions with the use of the Government’s MyInfo service.
Starting progressively from today, prospective customers of United Overseas Bank (UOB), Development Bank of Singapore (DBS), Oversea-Chinese Banking Corporation (OCBC) and Standard Chartered Bank (StanChart) with a registered profile on myinfo.gov.sg can apply for a new bank account without needing to submit supporting documentation. This enables greater convenience and a faster transaction time, creating a seamless digital user experience. In addition, the banks benefit from higher productivity and lower compliance costs.
Banks currently require users to submit copies of their identity, income and CPF documents for applications. With MyInfo, customers can pre-fill these Government-verified personal particulars into the necessary forms, and avoid the need to submit supporting documents.
MyInfo has been rolled out for SingPass users since May 2016 for popular government digital services such as balloting of the Housing Development Board’s Build-To-Order (BTO) flats. MyInfo will be available on most government digital services with SingPass two-factor authentication (2FA) by 2018.
Jacqueline Poh, Chief Executive, GovTech, said, “We want to explore how citizen-centric government digital services can be extended to better help industry and transform service-delivery to citizens. We have seen good take-up of MyInfo, and hope that this public-private collaboration will provide citizens with even more benefits.”
Sopnendu Mohanty, Chief FinTech Officer, MAS, said: “MAS is excited by the opportunities that national infrastructure platforms can bring to the financial industry, such as hassle-free online account opening and instant account activation in the near future. MAS would like to urge the industry to reimagine their customer journey for instant gratification as they leverage platforms like MyInfo.”
This bank pilot illustrates how the Government can work with companies and extend the use of a platform built for Digital Government to create even greater value and convenience in a Smart Nation. After this pilot, MyInfo may be extended later this year to other popular transactions such as applications for credit cards and home loans. MyInfo could also be extended to other sectors with strong citizen touch points such as insurance.
Please refer to Annex A for more information on the MyInfo service, and Annex B for quotes from participating banks.
ISSUED BY GOVERNMENT TECHNOLOGY AGENCY OF SINGAPORE
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About Government Technology Agency of Singapore
The Government Technology Agency of Singapore (GovTech) is a statutory board formed in October 2016 after the restructuring of the Infocomm Development Authority.
GovTech works with public agencies to develop and deliver secure digital services and applied technology to individuals and businesses in Singapore. GovTech builds key platforms and solutions needed to support Singapore as a Smart Nation. As a leading centre for information communications technology and related engineering such as the Internet of Things, GovTech also enhances the capabilities of the Singapore Government in these domains.
For more information, please visit tech.gov.sg or follow us on Facebook.com/GovTechSG and Twitter @GovTechSG.
About Smart Nation
Singapore strives to be a Smart Nation, in which our people are empowered by technology to lead meaningful and fulfilled lives. By harnessing the power of networks, data and info-comm technologies, we endeavour to improve living, create economic opportunity and build a closer community. We have the conducive environment to experiment, prototype and deploy innovative solutions that can be shared with other global cities. It is an exciting journey, and we want your ideas to help us realize our vision. For more information, please visit www.smartnation.sg.
For media clarification
Henna JAYABALAN (Ms)
Communications and Marketing Group
Government Technology Agency
DID: (65) 6211 1203
Email: Henna_JAYABALAN@tech.gov.sg
Medha LIM (Ms)
Communications and Marketing Group
Government Technology Agency
DID: (65) 6211 1622
Email: Medha_LIM@tech.gov.sg