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Humanising Finance
May 2018
5 ways to get into the habit of saving
     

Guide to MyInfo for Online Account Opening

Over the years, technology has brought about many banking conveniences such as SMS queue system, online appointment, e-application form and mobile banking.

In yet another initiative to embrace the Smart Nation vision, the Singapore Government launched "MyInfo", a service that allows SingPass users to manage their personal data and pre-fill forms when they transact online. This is a key step towards building a national digital identity (NDI) system.

Here is a quick guide on this new initiative for bank customers:
 
 
1. Instant Account Opening
 
To open a savings account, the usual way is for the bank customer to head to a bank branch to fill up a form, present their identification card and verify their signature. Now, these steps are reduced to just a few clicks on the internet banking webpage or the mobile banking app.

Think of MyInfo as a digital vault of personal information. A bank customer only needs to provide your personal data to the Government once and for all. If the banking account you are applying to supports MyInfo, you will be directed to a SingPass webpage to authenticate yourself. Upon logging in via SingPass, your personal data will be retrieved from various participating public agencies into your e-form.

For security reasons, you have to verify the accuracy of the information, and will be prompted for consent if financial data is required for the transaction. When you are satisfied, just hit the submit button and you can transmit the e-form to the bank for processing, saving you time in account application.

At Maybank, you can open Maybank iSAVvy Savings, iSAVvy Savings Plus and Maybank SaveUp accounts via MyInfo, and the new account number can be emailed to you by the next business day! Maybank Kim Eng customers can update and reactivate their dormant brokerage accounts using MyInfo.
 
2. Auto-enrollment for Singpass Users
Since late 2017, some 3.3 million SingPass users have been automatically enrolled in MyInfo and have a Profile page set up for them. SingPass users who have set up their 2FA (2-Factor Authentication) and have registered their e-mail address or local mobile number will be eligible for a MyInfo Profile. Foreigners who have a valid permit, such as work permit or employment pass, can also register for SingPass.

Currently, about 70 government online services and 30 banking services tap MyInfo for auto-filling of e-forms. It helps to eliminate repetitive form-filling and document verification, and reduces the likelihood of making human errors, thereby enhancing data accuracy.
 
3. What's in Store for the Future?
 
Other than bank savings accounts, the financial sector is exploring the possibility of credit card applications being made via MyInfo auto-filling service.

The Government is also looking to launch a new SingPass Mobile app that will allow users to access government e-services more securely in the second half of 2018, displacing the need for physical tokens and SMS one-time passwords. To use the account, SingPass users will log in with their fingerprints or a user-determined six-digit pass code. The app will provide a more secure and convenient way to access services such as filing of income taxes, paying parking fines and applying for foreign maids' permits.
   
 
Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$50,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S$50,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.


Always wanted to find out more about a finance-related issue? Email us at: corporateaffairs@maybank.com.sg

 
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