With consent, third parties can use MyInfo APIs to access data that is government-verified to authenticate their customers and make business decisions relating to that customer. Last year, MAS and the Government Technology Agency of Singapore (GovTech) started a pilot with four banks to enable individuals to open a bank account online using MyInfo. Today, we can open a bank account or apply for a credit card - online and instantly – when we give consent to the bank to access our data through MyInfo. More than 20 FIs are now using MyInfo to provide more than 110 digital financial services. We have substantially solved the personal KYC problem. But corporate KYC is far more complex. Last year, I shared with you that MAS is working with local and foreign banks to explore a shared services utility for doing corporate KYC. This is potentially a transformative project. And we made good progress in harmonising various banks’ KYC systems and integrating the proposed KYC utility with the banks’ infrastructure. This is no mean feat given the diversity of banks’ KYC processes and internal IT systems But the economics did not work out: our proposed solution was going to cost more than the savings that banks will get out of it. So we have decided to take a pause on the project. The banks participating in the KYC project will publish a report this week on their learning experience.
Ravi Menon: Singapore FinTech - innovation, inclusion, inspiration Presentation by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at Singapore FinTech Festival 2018, Singapore, 12 November 2018. * * * Ladies and gentlemen, good morning. What a man and what a story. Saqib’s story shows how technology can help find innovative solutions to real problems. It shows how innovation guided by empathy can help create a more inclusive society. And of course it is a story that is inspiration to all of us – to do better, to be better, to help others. That is why we asked Saqib to kick off the third edition of the Singapore FinTech Festival this morning. Because Saqib’s story exemplifies what Singapore’s own FinTech journey is all about – innovation, inclusion, inspiration. Innovation – because we want to find better ways of doing things. Inclusion – because we want to benefit as many people as possible. Inspiration – because amidst all challenges around us, there is hope in a better world. Please join me once again in thanking Saqib for being here with us today. Financial Services Built Around Us Welcome to the third edition of the Singapore FinTech Festival (SFF). This year, we have close to 40,000 participants from more than 100 countries. SFF has become the biggest annual gathering of the global FinTech community. You guys made it happen. Thank you all for your overwhelming and unstinting support.