How It Works

MyInfo operates through authentication via Singpass and works as a Singpass API. This ensures data security while providing users with control over their data sharing in an easy and simplified manner. For instance, all Singpass users are automatically provisioned with a Myinfo profile allowing them to access their personal data and records of past transactions through the Singpass app.

For organisations, automating customer verification with MyInfo allows for instant approval and provisioning of services, eliminating the need for manual data management. This streamlines and accelerates the Know Your Customer (KYC) process.

Myinfo is an integral component of the National Digital Identity (NDI) programme, which is a key initiative under the Smart Nation Strategic National Projects. For more details on our Strategic National Projects, please visit the Smart Nation website. To date, MyInfo is integrated into over 1,000 digital services in Singapore. Since the release of the MyInfo API to the private sector in 2017, financial institutions and insurance firms have rapidly adopted MyInfo to streamline Know Your Customer (KYC) checks. This integration allows major Singapore banks, such as DBS, OCBC, and UOB, to offer remote, paperless services, including credit card applications and new bank account openings.

Customer Stories:

• DBS
  For DBS, the days of verifying customer identities through ICs or telecom bills for setting up new accounts are over. With MyInfo, customer verification occurs within seconds, enabling almost instantaneous account setups. This efficiency reduces application processing time and lowers the dropout rate from customers due to cumbersome verification processes. MyInfo is now a crucial part of DBS’s digitalisation efforts and is expected to be integrated into even more services in the future.

• Wise
  Wise, formerly known as TransferWise, has transformed its customer verification process through MyInfo, allowing for instant identity verification while assisting customers with global money transfers. Prior to integrating MyInfo in September 2018, customers had to verify their identities by presenting documentation at Wise’s physical offices. Even after implementing identity verification through selfies with official documentation, the manual vetting process led to delays and potential late payments for university tuition fees or loans, negatively impacting customer satisfaction.

  Just two months after adopting MyInfo, nearly 35% of Wise’s customers chose to verify their identities through the service, resulting in improved efficiency and a 30% reduction in verification costs. The integration of the MyInfo API to enhance Wise’s customer onboarding process has been seamless, thanks to tools available on the Singpass Developer & Partner Portal, which allowed Wise’s development team to test applications in a sandbox environment before full rollout.