Business

MAS expands forms of digital identity banks, financial firms can use

The forms of digital identity that banks and other financial firms can use to identify and accept new customers have been expanded.

Financial institutions can now have customers submit biometric identification or certain forms of a secure digital signature, instead of having to get them to physically visit branches to have their identities checked and verified.

Customers can also have their identities verified through real-time video conferencing or via MyInfo.

When users sign onto MyInfo, they permit financial institutions to access their personal data, which has been verified by the Government.

"The use of MyInfo will streamline customer due-diligence checks across the financial industry. It will improve the quality of risk management while saving time and costs," said the Monetary Authority of Singapore (MAS) yesterday.

Ms Ho Hern Shin, assistant managing director (banking and insurance) at MAS, said fintech firms can also make use of the MyInfo platform to help financial institutions improve customer experience.

These are part of new guidances issued to financial institutions on using technology, so customers do not have to make physical trips to bank branches or offices.

The MAS said it already allows banks and other financial services firms to carry out non-face-to-face verification of customer identity, provided adequate measures are in place to prevent impersonation.

Funds transfer system TransferWise verifies identities here by having customers submit a selfie of them holding their identification card next to their faces.

BUSINESS & FINANCE