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SingPass grants access to MyInfo, a collection of personal info derived from the Singapore government or entered by individuals. This service was originally meant for use by the country's government and its associated statutory boards, but 130+ private-sector organisations including multiple fintech companies have since been given authorization to use it. With this approval, they are now able to dispense with the need for users to furnish accompanying objects when opening new bank accounts, applying for credit cards, taking out life insurance, engaging in property deals or requesting financial products; such as vehicle loans.¹

Both local and foreign companies can register for a CorpPass account, which became the only login method for corporate transactions with the Singapore government in 2019.¹

Onboarding of clients can be fully digitised by financial service providers. However, they would need to consider (and accept) electronic risk such as the following:

• integrity: the integrity of the electronic record (i.e., that the electronic record has not been altered or tampered with);
• identity: the identity of the parties involved, including whether they are authorised to issue the electronic records; and
• authority: where a client is a corporate entity, there is the additional risk of proving that the party issuing the electronic record or carrying out the electronic transaction has the requisite authority to transact on behalf of the client. ¹

Artificial intelligence in financial products

Fintech in Singapore

Fintech in other countries

Notes

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