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Myinfo is a personal data management platform for citizens and residents. Through Myinfo, users can manage and consent to the use of their personal data to pre-fill digital forms from participating government agencies and businesses. This removes the hassle of repeatedly filling up forms.
As Myinfo is authenticated through Singpass and works as a Singpass API. This offers data security and grants users control over how their data is shared in an easy and simplified manner. For example, all Singpass users are automatically provisioned with a Myinfo profile which they can use to access their personal data and records of past exchanges via the Singpass app.
For organisations, automating customer verification with Myinfo enables the instant approval and provisioning of services, while removing the need for manual data management. This expedites the Know Your Customer (KYC) process.
Myinfo is a part of the National Digital Identity (NDI) programme, which is itself a Smart Nation Strategic National Project. More information on our Strategic National Projects can be found in the Smart Nation website. To date, Myinfo is integrated in over 1,000 digital services in Singapore.
Improved KYC processes
With Myinfo, there’s less form filling for users and higher data quality for organisations. Users can share their data by providing consent via Singpass and organisations no longer have to deal with manual data management. By retrieving data from various government sources, Myinfo eliminates the need for users to provide additional documents for verification.
The process afforded by Myinfo improves companies’ efficiency, reduces manpower and costs needed to verify applicants’ data, and increases customer conversion rates. Since adopting Myinfo, businesses have reported:
- Usage by 80% of eligible customers
- 80% reduction in transaction time for digital transactions
- 20% improvement in digital transaction completion due to better user experience
- 15% increase in approvals due to better data quality
- Instant application processing using verified customers’ data
Verified data from government sources
Myinfo has significantly improved the private sector’s KYC processes, strengthened their compliance procedures and increased marketplace trust by increased identity assurance. With data from participating government sources, this allows the provisioning of products instantly, where applicable.
Since the release of the Myinfo API to the private sector in 2017, financial institutions and insurance firms have quickly implemented Myinfo to facilitate Know-Your-Customer (KYC) checks. Through Myinfo, major Singapore banks, such as DBS, OCBC and UOB, can offer remote, paperless services, including applications for credit cards and the opening of new bank accounts.
The customer stories of DBS and Wise (formerly TransferWise) are as shown below:
- For DBS, verifying customer identities through ICs or telecom bills for setting up new accounts is now a thing of the past. With Myinfo, customer verification can be conducted within seconds, and setting up new accounts can occur almost instantaneously. This reduces the time spent processing applications and the dropout rate from customers due to tedious verification exercises have decreased.
- Myinfo is now an integral part of DBS’s digitalisation efforts and is expected to be integrated into more of its services moving forward.
- For Wise, customer verification is now an instant process as Wise assists customers with money transfers globally. Before integrating with Myinfo in September 2018, customers had to verify their identities by presenting documentation such as identity cards in Wise’s physical offices. Even when Wise became the first international money transfer company to verify customer identities through selfies containing official documentation shots, this still required manual vetting of photos by staff, resulting in delays. Thus, late payments for university tuition fees or credit loans could be incurred by customers, reducing overall customer satisfaction.
- Just two months after the adoption of Myinfo, statistics showed that close to 35% of Wise’s customers opted to verify their identity through Myinfo instead, which has improved efficiency and cut verification costs by 30%.
- The integration of Myinfo API to improve Wise’s customer onboarding process has been seamless through the use of tools on the Singpass Developer & Partner Portal, which allowed Wise’s development team to run apps in a sandbox for testing before rolling it out.
A freemium tier is available for Singpass’ APIs (including Myinfo and Login) to encourage integration into private sector digital services.
To find out more information about Singpass’ pricing for private sector digital services, visit the Singpass API portal and click “Log in with Singpass” at the top right corner.
More online services are expected to be integrated into Myinfo to facilitate seamless customer experiences and streamline business processes.
Reach out to the product team with your queries or feedback through this form.
Last updated 11 August 2023
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