Insights into Singapore's MyInfo Service: Understanding the Essentials
In the bustling city-state of Singapore, businesses are embracing a digital revolution that promises to simplify processes, improve data accuracy, and enhance security. The MyInfo service, a digital platform run by the Singapore Government, is at the forefront of this transformation.
MyInfo serves as a powerful tool for businesses, enabling them to auto-fill customer personal data in application or registration forms, sourced securely from verified government databases with citizen consent via SingPass[1][3]. This not only reduces administrative hassle and saves time but also improves data accuracy and quality[3].
The integration through Singpass ensures high identity assurance, helping businesses prevent fraud and verify user identities reliably. For instance, dating apps have adopted MyInfo for mandatory identity checks to combat fraudulent accounts[2].
The benefits extend beyond operational efficiency. The faster, smoother process of filling forms reduces friction for users, encouraging more completed transactions or sign-ups, which can translate to higher conversion rates.
With over 1,000 government and business digital services using MyInfo, businesses tap into a widely accepted and trusted digital identity ecosystem, facilitating interoperability and integration ease[5].
MyInfo stores personal data collected from different public agencies in Singapore, and the available services include insurance, online payments, identity verification, loan applications, investment account openings, car-sharing, and more[6]. In 2019, MyInfo Business, an extension of the MyInfo platform, was launched, including corporate data[7].
Businesses can integrate their web forms with MyInfo and MyInfo Business APIs for application forms related to account openings, loan applications, job applications, investment applications, and more. The NDI Developer and Partner Portal provides a platform for businesses to submit link-up requests for these APIs and offers sample codes, a demo application, use cases, and step-by-step guides on how to integrate with APIs[8].
The MyInfo platform has demonstrated significant improvements in efficiency. It has helped cut application times by 80% and verification costs by over 30%. Conversion rates have gone up significantly while transaction approval rates have increased by 15% thanks to the data quality of the MyInfo platform[9].
All MyInfo data is safeguarded by a combination of end-to-end encryption and multi-layered security. Businesses can use their CorpPass credentials to log in to the portal. Starting from 11 April 2021, the login process for Corppass has changed to verify user identities via Singpass first. Foreign ID users will be issued a Singpass foreign user account (SFA) and the 'Corppass 2FA for Foreigners' app will no longer be used[4].
In summary, MyInfo facilitates efficient, secure digital interactions between businesses and customers while improving operational accuracy and user convenience. This is particularly important for sectors requiring identity verification, such as housing applications, government schemes, or private services like dating platforms[1][2][3].
- The digital transformation in Singapore's business industry has been accelerated by the adoption of advanced technologies like data-and-cloud-computing and technology, as exemplified by the MyInfo service, which securely allows auto-filling of personal data for businesses, enhancing efficiency, reducing fraud, and improving data quality.
- The finance and banking-and-insurance sectors have significantly benefited from the MyInfo platform, with over 1,000 government and business digital services integrated, including insurance, online payments, loan applications, and investment account openings, fostering interoperability and integration ease.
- The MyInfo Business extension has expanded the platform's capabilities to include corporate data, enabling businesses to integrate their web forms with MyInfo and MyInfo Business APIs, streamlining account openings, loan applications, job applications, investment applications, and more, ultimately leading to increased efficiency, reduced costs, and higher conversion rates.
