Singapore’s pilot National KYC Portal is setting the stage for other countries in the region to follow suit on centralising KYC processes, first within the Financial Services sector, with scope for expansion into all sectors that require KYC processes.
Once rolled out, this utility will require Singapore residents to enter their national ID and all other personal verification information such as house address into the system. Once that is done, financial services will only need to retrieve this personal information from the “MyInfo” database to verify a client’s identity. This will eliminate several pain points for customers, such as filling multiple forms and providing the same information repeatedly, as well as some of the pain points for organisations, such as data entry errors.
The Monetary Authority of Singapore, in collaboration with the Ministry of Finance and GovTech, is driving this initiative, which is a big step toward achieving complete e-KYC status for the country.
While Singapore gets ready to roll out this portal, countries such as Hong Kong and India are following suit with the first steps of the integration process- standardising national identity cards and making them more secure for their residents. Concerns around data privacy & security remain important questions these Governments need to address, but it is clear that the adoption of eID, ePassports and eKYC are by no means going to be a short-lived phenomenon.
Author: Team FinTech Consortium