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Fintech Market Overview

This article does not constitute legal advice.

Client identification in Singapore

Fintech Software

For access to electronic services provided by the Singapore government and its statutory boards, such as filing of income taxes and paying parking fines, the Government Technology Agency (GovTech) issues and manages a national digital identity known as SingPass. Singapore citizens and permanent residents, as well as holders of certain documents that permit residency in Singapore (e.g., holders of employment passes and dependent passes), are eligible to register.1

SingPass includes a facial recognition service called Identiface, which allows users to authenticate themselves through facial verification against a government-verified biometrics database.1

GovTech's wholly owned subsidiary Assurity Trusted Solutions Pte Ltd has launched a cryptographically secure digital signing service for SingPass users called Sign with SingPass in collaboration with various private-sector digital signing application providers such as DocuSign, iText, Netrust, Adobe, OneSpan, Dedoco, Tessaract.io and Kofax. The service is in support of efforts to digitise government services, to help achieve the goal of providing 100 per cent end-to-end digital options, and government agencies are expected to allow SingPass users to use their digital signatures to complete transactions without the need to be physically present.1

Digital onboarding in Singapore

Fintech in Singapore

Fintech in other countries

Notes
  1. https://thelawreviews.co.uk/title/the-financial-technology-law-review/singapore
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