You can see the rules and regulations in other jurisdictions.
SingPass also controls access to the MyInfo service, a store of personal data retrieved from Singapore government sources, or provided directly by individuals. While MyInfo was first designed for use by the Singapore government and its statutory boards, over 130 private-sector service providers, including several fintech entities, have been permitted to use MyInfo, to do away with the need for users to submit supporting documents when opening new bank accounts, applying for credit cards, purchasing life insurance, carrying out property transactions or applying for financial products such as vehicle loans.1
GovTech also issues and manages a corporate digital identity known as CorpPass. Both local and foreign registered entities are eligible to register for a CorpPass account, which in 2019 became the only login method for corporate transactions with the Singapore government.1
It is potentially possible for financial service providers to carry out fully digitised onboarding of clients. However, they would need to consider (and accept) electronic risk such as the following:
You can launch your platform by paying $5000 initially and the rest after 6-12 months if your business grows