Thank you. 3/3  BIS central bankers' speeches
Individuals and businesses must be able to digitally access all their relevant data and make them available to third party service providers who can then serve these individuals and business in a holistic manner. This could be for purposes of financial planning, trade financing, credit scoring, etc. where data aggregation is important for more customised and comprehensive solutioning. When these foundational digital infrastructures come together, they will have the power to deliver truly end-to-end digital transactions. Take for example, cross-border digital payments. With the four foundational digital infrastructures working in concert, we can effectively tackle the big pain points in know-your-customer checks, sanctions screening, and exchange of documents, to enable cheaper, faster and secure payments. Singapore has implemented these four foundational digital infrastructures. Singaporeans can use their national digital identity – SingPass Mobile – to transact digitally with both the government and the private sector Using SingPass Mobile, Singaporeans can make available relevant verified information to allow banks to onboard them without the need for paper documentation or physical presence. Singapore’s retail payments infrastructure – FAST and PayNow – has made digital payments interoperable. Singaporeans can now move money to one another’s bank accounts in real-time and at zero cost, with just three clicks on their mobile phones, regardless of which bank app they use. The Singapore Financial Data Exchange – SGFinDex – is a pioneering data exchange platform, the first of its kind in the world.