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Singapore to use MyInfo to open bank accounts

Singapore has facilitated a process at banks by which the banks’ prospective customers will no longer need to go through the process of filling up application forms with their personal particulars from now on. The Government Technology Agency (GovTech) said MyInfo, the Government-led digital vault containing citizens’ personal data, will be extended to the banking sector progressively. Four banks – United Overseas Bank, Development Bank of Singapore, Oversea-Chinese Banking Corp and Standard Chartered Bank – would be the first banks to implement the system. Plans to bring more banks on board are also in the pipeline. Banks currently require customers to submit copies of their identity, income and CPF documents for bank account applications. With MyInfo, citizens will only need to provide their personal details once via, after which they will be able to open new bank accounts without needing to submit supporting documents. DBS said customers will be able to use MyInfo to apply for all DBS and POSB deposit accounts online by end-May. MyInfo was piloted in May last year across popular government e-services, such as balloting of Housing and Development Board (HDB) flats. It is currently available on 19 government digital services and will be extended to more than 150 by 2018.

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