As the demand for consumers for speed and convenience increases, EKYC in Singapore has become an important process in the Singapore bank and financial service industry, and has been functioning as an important competitive factor among service providers. Masu.
What is EKYC?
EKYC or electronic customers refer to the use of digital technology for remotely verification of customer identity. This process fulfills the same purpose as the conventional KYC protocol. This is to prevent fraud and theft of personal information while ensuring compliance with regulation requirements.
Like the conventional KYC, EKYC develops basic processes, including collecting customer information, verification of data and documentation, and evaluating the risks of clients.
However, EKYC does not depend on face -to -face verification or physical documents, but is different from conventional KYC. EKYC uses digital technology and data sources to remotely authenticate customer identity. These systems can automatically verify ID documents, cross customer information to reliable databases, and use biometric authentication to strengthen security.
By digitizing the verification process, EKYC detects more accurate abnormalities, such as improving efficiency and convenience, cost reduction, regulatory compliance, and using artificial intelligence (AI) through detailed audit trails. Provides the advantages of.
EKYC’s robust framework
In Singapore, the EKYC process is well established and plays an important role in financial sector. Singapore’s currency authorities (MAS) supervise KYC and Money Laundering Anti -Manerolding (AML) regulations, and requested financial institutions to verify their customers’ identity and monitor transactions. I am doing it.
MAS is actively working on new threats through innovative regulation. introduction In order to appreciate the new wealth of wealth (SOW) requirements and customer risks in July 2024 Rollout In April 2024, co -shared money on money laundering/terrorism (COSMIC) platforms, which enable financial institutions to share customer information and strengthen financial crime detection.
National anti -money laundering strategy Singapore 2024, release In October, we will reconfirm the commitment of Singapore’s robust AML/counter terridists (CTF) frameworks, emphasizing different sector collaboration, reinforced regulations, and international cooperation.
National Digital Identity (NDI): Singapore’s powerful infrastructure
Singapore altitude National Digital Identity (NDI) The framework provides a powerful foundation of EKYC. The NDI has a series of tools designed to promote singer customers’ customer onboard, user authentication, and digital authentication, supporting the development of the robust digital economy in Singapore.
These tools include Singpass, a personal authentication system that allows users to access governments and business services online through a single login. SGFINDEX, public digital infrastructure that promotes financial data management. Corppass is an approval system that allows companies to safely manage employees’ access to digital services. And myinfo, which agreed to sharing personal data, enable citizens and residents to manage the use of personal data for easier online transactions.
These tools serve A variety of use cases such as seamless customers via Myinfo, Secure authentication, login via Singpass, digital authentication and electronic signature, complete digital, paperless, without presence.
Singapore EKYC Solution Provider
In addition to the NDI infrastructure, Singapore’s advanced EKYC Landscape is now enhanced by the thriving Regtech industry, which is currently composed of 64 players. According to To the Singapore Fintech Report in 2024.
Among them, Singapore’s popular EKYC solution providers include Jumio, Onfido, customer knowledge, ping ID, Toppan ID Gate, etc.
Complex and time -consuming EKYC process: barrier to adopting digital banking
Despite the progress, Singapore’s EKYC is still facing issues, and consumers are dissatisfied with the complicated and time -consuming identity verification process. According to In the 2023 FICO survey, many consumers select a mortgage and loan face -to -face application for a troublesome digital experience when opening an account via a mobile application or website.
24 % of Singapore consumers answered that they had abandoned their credit card applications to check the IDs that were complicated or time -consuming, and one in five (17 %) gave up the mortgage loan application for the same reason. I did it.
63 % of Singapore consumers expect less than 10 questions during the bank account. Otherwise, you will abandon the process. In addition, one in three Singaporean will give up on the application of a personal bank account 10 minutes later, regardless of the number of questions.
Frequent identity checks have also become a problem. One in five bank customers is dissatisfied with the ID verification process, so stop or reduce the use of existing personal bank accounts and credit cards.
