Four banks say farewell to forms for new accounts with MyInfo
In first roll-out to private sector, digital platform MyInfo links up with four banks in paperless drive
Say goodbye to the hassle of repeatedly filling out forms and submitting physical documents when opening a bank account.
Now, Singaporeans looking to open a bank account with United Overseas Bank (UOB), DBS Bank, OCBC Bank or Standard Chartered Bank can allow their MyInfo account to automatically collate and fill out data for them.
This is the first time MyInfo's services have been rolled out to the private sector.
Created by the Government Technology Agency (GovTech) and the Ministry of Finance last May, MyInfo is a digital platform that pulls data - such as a person's name, NRIC number and registered address - from the respective public agencies, including the Immigration and Checkpoints Authority, the Inland Revenue Authority of Singapore and the Urban Redevelopment Authority.
MyInfo - which has about 145,000 sign-ups so far - is also used for public housing applications, renewing work permits for domestic helpers and signing up for the Baby Bonus Scheme.
The pilot tie-up with the four banks, which covers about 60 per cent of their customers in Singapore, was announced yesterday by Head of Civil Service Peter Ong at the opening of the second annual Digital Government Exchange at the Asian Civilisations Museum.
"What this means is that customers will be able to open bank accounts without having to submit copies of identity cards and income statements.
"Not only will this save time, data entry errors will be reduced, too," he said.
The New Paper understands MyInfo may be extended to more banks in future.
Mr Ong said MyInfo will be used for other transactions like credit card and home loans by next year, and could also be used in the insurance sector in future.
GovTech's Government Chief Information OfficerChan Cheow Hoe told TNP that MyInfo, which now serves 19 digital agencies, will be offered to about 150 SingPass services by mid-2018.
"It is encouraging that we have a good user base of 145,000 citizens and permanent residents. We expect the user base to increase alongside more digital services and banking services," he said.
Associate Professor Steven Wong, Singapore Institute of Technology's programme director of infocomm technology, said the roll-out of MyInfo's services to the private sector was a significant milestone in Singapore's drive to become a smart nation.
He pointed out that the service is more secure for users as they do not have to send documents to banks or other organisations.
"The possibility of personal information being stolen through keylogger trojans is also reduced as these data are no longer typed manually at the user's end," Dr Wong said.
Cyber security software firm Symantec's security advocate for Asia-Pacific and Japan Nick Savvides told TNP: "MyInfo functions as a one-stop solution that updates information across multiple relying parties, and there is no doubt that there will be a strong security protocol in place.
"Because of that, cyber attackers are likely to redirect their target focus on the end-users."
He urged users to be wary of phishing techniques like spoofed websites and practise good cyber hygiene.
Yesterday, Mr Ong also announced that the Central Addressing Scheme, which will link an individual's mobile number to his bank account, will be launched at the end of June to facilitate more e-payments.
The Singapore Payments Roadmap report published by the Monetary Authority of Singapore last August said the economy could save as much as $150 million annually if payments became cashless at hawker centres and in taxis.
Mr Ong also said the Government aims to make all 110,000 lamp posts into an interconnected network of wireless sensors - that can transmit environmental data such as temperature and humidity, or be fitted with CCTV cameras - as part of the Smart Nation Sensor Platform.
He said: "Another exciting possibility is having lamp posts 'communicate' with connected cars, to alert drivers when an ambulance or pedestrians are nearby.
"A digital government is a data-driven one."