Close this search box.

We are creating some awesome events for you. Kindly bear with us.

MAS issues guidance to allow use of innovative technology solutions for customer on-boarding

MAS issues guidance to allow use of innovative technology solutions for customer on-boarding

The Monetary Authority of Singapore (MAS) has issued
new guidance to financial institutions (FIs) on the use of innovative
technology solutions to facilitate safe, non-face-to-face (such as electronic
or telephonic) customer on-boarding.

MAS regulations require FIs operating in Singapore are
implement robust controls when onboarding new customers, e.g. when opening a
bank account, to detect and deter money laundering or terrorism financing. These
obligations in any customer on-boarding process can be costly, laborious and

MAS already allows FIs to carry out non-face-to-face (NFTF)
verification of customer identity, provided adequate measures are in place to
guard against impersonation. MAS has provided additional guidance that these measures could include biometric identification,
real-time video conferencing, and secure digital signature using Public Key
Infrastructure (PKI)-based credentials, issued by
accredited Certificate Authorities under the Electronic Transactions Act.

MAS will also allow the use of MyInfo
for NFTF customer identification and verification. MyInfo is a digital
personal data service where citizens need to provide their personal data only
once to the government, instead of doing so repeatedly for every single
government electronic transaction. In October 2017, all registered SingPass
users will
have a MyInfo Profile
by December 2017.

In May 2017, a pilot with four banks (DBS, OCBC, UOB and
Standard Chartered) was launched
to enable people to use their registered profile on MyInfo service to apply for
new bank accounts. The pilot saw application timings shortened by as much as

Now this is being extended to all FIs. FIs that have been
given access to a customer’s MyInfo data, will not be required to obtain
additional documents to verify a customer’s identity. FIs using MyInfo will
also not be required to separately obtain a photograph of the customer. The use
of MyInfo is expected to streamline customer due-diligence checks across the
financial industry, and improve the quality of risk management while saving
time and costs.

Ms Ho Hern Shin, Assistant Managing Director (Banking &
Insurance), MAS, said, “MAS encourages FIs to use technology that helps to
increase efficiency and improve the customer on-boarding experience while
safeguarding against money laundering and terrorism financing risks. FinTech
firms can also capitalise on the MyInfo platform, with customer consent, to
develop innovative financial solutions for FIs to enhance customer experience.”

At the Singapore FinTech Festival 2017, Mr Ravi Menon,
Managing Director, MAS, revealed
that MAS is working closely with local and
foreign banks to explore a Banking KYC Shared-Services Utility that will
streamline end-to-end KYC. This is a potentially transformative project,
as it will harmonise and enhance KYC checks across the industry, improve the
quality of risk management while reducing cost and time taken.

There have been other KYC related initiatives Last year, OCBC
Bank, HSBC and the Mitsubishi UFJ Financial Group, together with the Infocomm
Media Development Authority of Singapore (IMDA), became the first consortium in
south-east Asia to successfully
a proof-of-concept for a Know Your Customer (KYC) blockchain.
 The platform which enables structured information to be recorded,
accessed and shared across a distributed network using advanced cryptography.
It allows banks to collect, validate and share customer information – with the
customer’s consent – accurately, efficiently and in a secured manner.


Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.


As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.


Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit


SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.


HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 


IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.