Myinfo business - A “Tell Us Once” Service that facilitates Online Transactions for Businesses

Overview

Myinfo business enables businesses to pre-fill digital forms with data from Government sources, such as corporate profile, financial performance and ownership information, for simpler online transactions. To date, more than 250 digital services offered by government agencies and businesses have been onboarded to Myinfo business.

Through Myinfo business, business users leveraging on Singpass can control and consent to sharing both their corporate and relevant personal data simultaneously and securely with participating businesses for more seamless digital transactions.

Find out more about Myinfo business here.

Why should Myinfo business be adopted?

More than 300,000 entities have benefitted from the use of Myinfo business, amounting to over seven million transactions a year.

By using Myinfo business’ profile, business users can enjoy less repetitive form-filling, lower incidence of mistakes resulting from human error, and a reduced need to submit physical documentation as verification to complete online transactions. For example, businesses can pre-fill digital forms for online transactions such as opening a corporate utility account or applying for SME loans by consenting to share their corporate data and applicant’s personal data from government sources via Singpass.

Since adopting Myinfo business:

• Banks were able to process account openings and loan applications faster, cutting down transaction time by 60 to 70 percent on average.
• SMEs also reported benefits of streamlined operations, shortened application times, reduced reliance on hard copy submissions, and improved access to commercial services. For example, an application that might have taken days to complete in the past now only requires a streamlined eight minutes to process.

Myinfo business API can be integrated into digital services for the public and private sector to improve customer experience and facilitate efficient online transactions. With Myinfo business, organisations can retrieve data from corporate clients and save time on B2B transactions by removing the time required for manual entry, verification and data management, resulting in higher data quality and facilitating “instant” approvals.

How do you use Myinfo business?

Business users can tap on Myinfo business by providing their consent for Myinfo business to retrieve their data from the respective government agencies. To do so, a business user will need to have a Corppass account created and authorised by their Corppass administrator to transact on behalf of the business. For more details about Corppass, please visit this website.

For locally-registered businesses interested to develop digital services which integrate with Myinfo business APIs to streamline B2B interactions with their customers, the following steps are required:

• Product/ business owners can refer to the guidelines here.
• Developers can refer to the technical guidelines here and follow the steps listed in the tutorials.
• Once the product owner has crafted the user journey, they can log in to this link with their authorised Singpass credentials to submit a linkup request for approval.
• Once the linkup request is approved, the product owner can follow up with the subsequent steps to agree to the Terms and Agreement and complete the app configuration.

Success Stories

The Singapore National Employers Federation has integrated Myinfo business for grant applications. Applications submitted using Myinfo business has helped both applicants and staff reduce more than 50% of the time required to complete and verify the applications. With Myinfo business, the process takes 20 minutes compared to one hour previously.

What’s Next?

Since 11 November 2020, Myinfo business is publicly available for any organisation to tap on for their digital services. The team is looking to encourage more businesses to use Myinfo business for services that require entity and applicant’s personal data.

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Last updated 09 July 2024