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Fintech Market Overview

This article does not constitute legal advice.

Digital onboarding in Singapore

Fintech Software

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:

  • 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
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