Digital ID and e-KYC

Learn how MAS is working with financial institutions and government agencies on digital identity and e-KYC initiatives, to improve customer on-boarding as well as enable more secure and seamless transactions using a single digital identity.

Overview

Financial institutions need to implement robust controls when on-boarding new customers, e.g. when opening a bank account, to detect and deter money laundering or terrorism financing. This is a crucial process but can be costly and laborious.

MAS is working closely with local and foreign banks to explore a shared know-your-customer (KYC) utility that will streamline end-to-end KYC checks. A potentially transformative project, it will improve risk management, and at the same time, simplify the customer experience.

At a broader level, MAS is working with the Smart National Digital Government Office (SNDGO) and the Government Technology Agency (GovTech) to develop the National Digital Identity (NDI) platform based on Public Key Infrastructure (PKI).

The NDI platform will provide Singapore residents with a nationally available means to prove their identity so they can transact conveniently and securely online across the public and private sector. In the near term, the NDI will support:

  • On-boarding of new customers.
  • Authentication of customers.
  • Digital authorisations and signatures.
We will continue to explore other ways to alleviate KYC pain for FIs and their customers. MAS and GovTech are now working with the industry to facilitate financial institutions' credit assessment of SMEs using trusted government data.
Ravi Menon, Managing Director, MAS
At Singapore FinTech Festival

Regulations and Guidance

MAS regulation relevant to Digital ID and e-KYC include those covering

anti-money laundering and Technology Risk Management .