Latest news with #MyInfo
Straits Times
5 days ago
- Business
- Straits Times
Forum: Have centralised database to recognise accredited investors
Sign up now: Get ST's newsletters delivered to your inbox Singapore has built a strong reputation as a leading global financial hub, balancing robust regulation with forward-looking innovation. The Monetary Authority of Singapore (MAS) has been instrumental in this progress. One notable example is SGFinDex, developed by MAS together with the Government Technology Agency, Smart Nation Singapore and financial institutions. It lets individuals view their financial information securely across multiple providers in one place. However, one area that still causes frustration is the process of recognising accredited investors. Currently, high-net-worth individuals must submit supporting documents repeatedly to each bank or financial institution whenever they apply for accredited investor status. This is inconvenient for investors and creates unnecessary duplication for institutions. It may be time for MAS, together with financial institutions and the relevant agencies, to develop a centralised database for accredited investor recognition. Such a platform could leverage secure frameworks like MyInfo so that once an individual is verified, this status can be recognised across participating institutions. The benefits would be significant. Investors would enjoy a simpler and faster onboarding experience, while financial institutions would save resources and apply regulatory criteria more consistently. Regulators would also gain better oversight through a secure and unified system. Just as SGFinDex transformed how individuals manage their finances, a centralised database could transform the way accredited investor status is recognised. It would remove unnecessary friction, improve efficiency and strengthen Singapore's standing as a forward-thinking financial centre. Top stories Swipe. Select. Stay informed. Singapore More train rides taken in first half-year, but overall public transport use stays below 2019 levels Singapore BlueSG needs time to develop software, refresh fleet, say ex-insiders after winding-down news Asia Cambodia-Thailand border clash a setback for Asean: Vivian Balakrishnan Singapore 'She had a whole life ahead of her': Boyfriend mourns Yishun fatal crash victim Singapore Doctor hounded ex-girlfriend, threatened to share her intimate photos, abducted her off street Asia Trump's transactional foreign policy fuels 'US scepticism' in Taiwan Business Women on corporate boards give firms a competitive advantage, says Australian Governor-General Singapore CEO of sports car distributor accused of offences including multiple counts of false trading Justin Kan Rui Liang
Straits Times
09-07-2025
- Business
- Straits Times
Users need to scrutinise what data is shared through MyInfo
Sign up now: Get ST's newsletters delivered to your inbox At least 1,000 digital services offered by government agencies and businesses are integrated with MyInfo. SINGAPORE - Like many banks and insurance firms, dating platform Coffee Meets Bagel (CMB) uses government records to verify its users. CMB users authenticate themselves through Singpass to retrieve from MyInfo their NRIC or FIN number, date of birth, marital status and gender. The information is needed by CMB for verification purposes. According to data provided in 2023, more than 300,000 transactions are performed daily using MyInfo, a service that allows users to fill in digital forms with their personal data drawn from government databases. At least 1,000 digital services offered by government agencies and businesses are integrated with MyInfo. ST has contacted GovTech for updated numbers. GovTech requires companies to submit a 'user journey' document to show how the government digital services will be used. Companies that want to integrate their online services with Singpass' login function will be assessed on a case-by-case basis, according to Singpass' website. Companies are also advised not to request for more personal data than needed from MyInfo to carry out their services. 'This is aligned with the guidelines of the Personal Data Protection Act (PDPA), which instructs the collection of personal data in an appropriate manner for the circumstances,' according to Singpass' website. 'Each request will be reviewed prior to approval.' Top stories Swipe. Select. Stay informed. Singapore Singapore to hire 1,000 new educators annually in the next few years, up from 700 Singapore COE prices rise for all categories Business Temasek reports $45 billion rise in net portfolio value to $434 billion Business Singapore finance employers pledge 300 places for trainees and interns from polytechnics Singapore $43k fine for undischarged bankrupt doctor who failed to disclose assets worth over $4m Singapore Female primary school teacher allegedly committed sex acts with underage male student Singapore Goodbye fraudsters? Dating app Coffee Meets Bagel rolls out identity verification Singapore Pritam's appeal against conviction, sentence over lying to Parliament set for Nov 4 GovTech declined to specify how it assesses requests from companies and what due diligence is conducted to prevent the over-collection of data. In Singapore, the PDPA governs the collection and use of personal data. Users who have concerns about the ways their personal data is handled can lodge their complaints on the Personal Data Protection Commission's website . Users are advised they still need to scrutinise the type of information that they share via MyInfo. 'It generally is a good practice for users to be more aware about what they are acceding to before they consent to their data being shared,' said Mr Josh Lee, managing director (Asia-Pacific) at the Future of Privacy Forum and senior research affiliate at the SMU Centre for Digital Law. Many people are unaware of the risks of giving away too much personal information, said Nanyang Technological University (NTU) associate professor Hannah Yee-Fen Lim. Sensitive data that falls into the wrong hands can lead to harms such as fraud and identity theft. 'If they know the capabilities of data processing technologies, and how easily and how much harm can result, they may take a less cavalier attitude when giving away their own personal data,' said Prof Lim, who teaches courses on law and technology at NTU.
Straits Times
09-07-2025
- Business
- Straits Times
Goodbye fraudsters? Dating app Coffee Meets Bagel rolls out identity verification
Sign up now: Get ST's newsletters delivered to your inbox The verification process involves retrieval of a user's NRIC, date of birth, marital status and gender. SINGAPORE - Dating app Coffee Meets Bagel (CMB) has rolled out identity verification for its users in Singapore using government records to counter rising online scams and hidden marriages. Verified users will have the option to filter out unverified profiles from July 15 in what is a world first for CMB, The Straits Times has learnt. Users first authenticate themselves through SingPass, which is integrated with the CMB app. The one-time verification process will involve the CMB app retrieving users' NRIC or FIN number, date of birth, marital status and gender from government records. Confirming the move, CMB's head of trust and safety Rachel Tee said the platform is acting on feedback from its users to root out fake profiles. On June 9, it rolled out the verification feature using Singpass and MyInfo, a national digital vault containing citizens' personal data. 'We have since verified over 70 per cent of our user base in Singapore in a month and we continue to encourage more users to verify their profiles,' she added. User feedback came from a survey CMB conducted in June 2025 with 972 users aged 18 and above. It found that three in four users in Singapore had encountered a fake profile, catfisher or scammer, pointing to widespread concerns about trust in digital dating. A catfisher is someone who creates a false or misleading persona to build romantic relationships. The top concerns identified by users polled were fake profiles, scams and hidden relationships. The majority of people polled wanted more robust verification measures for identity (81 per cent) and marital status (65 per cent). 'By offering government-backed verification, we are able to significantly reduce the number of scam profiles that require manual moderation,' said Ms Tee. This will then free up resources within CMB to respond to user reports of harassment, inappropriate messages or offline misconduct, she said. Through identification, CMB will also be able to work closely with law enforcement to take action against bad actors. In April, 0.29 per cent of CMB's users complained about scammers and fake accounts on its platform, among other problems, but this has dropped to 0.21 per cent in June after it started to verify users' identity, she said. CMB did not disclose the size of its user base. It is also not known how many users complained last year. Although users who are married will not receive a verified badge, their accounts will still show up on the pages of people who had not opted to view only verified accounts. 'We understand that navigating marital status can be deeply personal and sometimes complicated. For example, a person may be undergoing separation or divorce which may span a few years,' said Ms Tee. Four other major dating platforms - Bumble, Hinge, Tinder and OkCupid - also rolled out some form of identity verification in recent years , but the measure has remained optional. For instance, Bumble started letting Singapore users verify their identities by uploading government-issued IDs on the week of June 10. The same feature has been rolled out in at least 11 other countries like Australia, Canada and France since March 2025. A Bumble spokesman said that the launch of its ID verification is part of the company's commitment to build a safe online space for people to find love. It uses an Estonia-headquartered third party identity verification service Veriff, to match a user's selfie with the picture on the uploaded ID card. The data is retaine d for up to 72 hours. Hinge, Tinder and OkCupid' s way of verifying users involve letting them upload their recorded video selfies along with their profile pictures. Many dating app users support CMB's move, but some said it could be excessive. A 21 year-old national serviceman who only wants to be known as Martin said that he had friends whose pictures were used without their knowledge on dating apps. 'Compulsory Singpass verification on dating apps could be an effective way to reduce fake accounts and prevent identity misuse,' he said. A 28 year-old public relations officer, who only wants to be known as Adeline, said: 'Simply knowing that the person you're speaking to is verified provides peace of mind and helps build trust from the very first interaction.' An aviation industry staff who only wants to be known as Ralph, 29, said that sharing highly sensitive information such as NRIC on a dating app seems excessive, and raises serious privacy and security concerns. 'The information could be exploited for identity theft, scams, or other malicious purposes. The risk simply outweighs the benefit in this case,' he said, noting that CMB could be hacked. Assuring its users, Ms Tee said that the company employs robust cybersecurity measures and partners with cloud computing service Amazon Web Services to ensure that all information is stored within a secure, encrypted infrastructure. Data collection and usage also strictly adheres to the requirements of the Personal Data Protection Act. 'We retain personal information only for as long as necessary to fulfill legitimate business purposes and to comply with applicable legal obligations,' said Ms Tee. Dr Chew Han Ei, senior research fellow at the Institute of Policy Studies, said that identity verification is crucial to build trust online. 'If CMB follows through, they'll be one of the first dating apps to use a government-based identity check. That protects users and frankly, it protects the company too,' he said.
AsiaOne
03-06-2025
- Business
- AsiaOne
In-store navigation and personalised recommendations: FairPrice trials smart trolleys in pilot plan to integrate AI, Singapore News
FairPrice Group (FPG) has revealed plans for a large-scale technology overhaul with its Store of Tomorrow programme that aims to revolutionise the retail experience for customers at their supermarket outlets. According to a press release on Tuesday (June 3), FPG has already begun piloting various digital solutions, such as Smart Carts and digital price cards at one of its FairPrice Finest outlets. "The last few years of global disruption have shown that the only certainty in retail is how quickly consumer needs, tastes, and preferences evolve," said Vipul Chawla, Group CEO of FPG, adding that FPG aims to trial more than 20 new digital solutions within the next three years. The new initiatives will be launched in FPG's Punggol Digital District FairPrice Finest outlet, set to open in August 2025. They will then be gradually rolled out to FPG's 164 FairPrice supermarkets, and eventually, across the Group's wider network of over 570 touchpoints. Smart Carts Currently piloted at FairPrice Finest Sengkang Grand Mall, Smart Carts are shopping carts with built-in displays that can support customers with in-store navigation and highlight promotions for nearby products. Smart Carts can also provide product recommendations and feature scanners that customers can use to scan and pay for products as they go. To use a Smart Cart, customers will have to scan the Pay/Earn QR code on their FPG App. Customers can then use the Smart Cart's display function to search for specific products, which will yield a map and directions to guide them to the product's location in-store. Shoppers can also use the built-in scanner on the trolley's handlebar to add items to their digital checkout basket. Smart Carts will also have their own designated checkout area, where customers can apply relevant vouchers and make payment through the FPG app. MyInfo integration & biometric payment FPG also aims to streamline the checkout process by integrating the FPG app with the government MyInfo database on citizens and permanent residents. By doing so, customers eligible for discount schemes — CHAS Blue/Orange, Seniors, Pioneer Generation, Merdeka Generation — will have their discounts applied automatically to their purchases. Eliminating the need for physical card verification simplifies the checkout process and helps reduce time spent by staff on verifying customer details. FPG is also attempting to further enhance the checkout process by implementing biometric payment. By scanning and registering their palm prints to the FPG app, customers will eventually be able to make payment and earn LinkPoints by scanning their palms at checkout counters. Digital price cards Also being piloted at FairPrice Finest Sengkang Grand Mall are digital price cards which remove the need for physical labels and are part of FPG's wider sustainability efforts. At the same time, digital labels automatically update themselves with any changes to pricing or promotions, reducing the need for manual work, allowing staff to focus on other tasks. If successful, FPG will roll out digital price cards across all supermarket touchpoints within the next three years. FPG is also looking to launch other AI-enabled initiatives focused on improving workflow for staff and customers, such as Vision AI which incorporates data analytics. Vision AI "leverages existing in-store CCTV infrastructure and advanced video analytics to provide real-time updates to staff on where support or intervention is required throughout the store", according to the press release. For example, it can detect potential safety hazards such as spills or obstructions to facilitate a safer shopping environment. The queue management feature is also able to monitor and analyse queue wait times, alerting staff when more manpower is needed to manage the high volume of shoppers at checkout. "Through our Store of Tomorrow programme, we want to re-imagine how innovation and technologies like Gen AI and data analytics can make things easier on the wallet and experience for both physical and digital retail formats," said Chawla. [[nid:718264]]
Business Times
29-04-2025
- Automotive
- Business Times
Hong Leong Finance sees over 300% growth in EV loans
[SINGAPORE] Hong Leong Finance (HLF) announced that it has seen a more than 300 per cent increase in electric vehicle (EV) loans, from S$73 million in 2023 to S$314 million in 2024. Besides EV loans, HLF also saw a more than 300 per cent increase in vehicle loans processed digitally, from S$99 million in 2023 to S$400 million in 2024. This was on the back of its new digital platform which connected with major car dealers directly for automotive financing. This new system eliminated the manual paper-based system and redundant data entry. The integration with GovTech's MyInfo, the Singapore government's data management platform, also reduced errors and access to verified personal data. HLF is planning to introduce new capabilities that will enable car dealers to offer online car markets. 'Our innovative digital platform for vehicle loans has proven to be a game changer, offering speed and security for both car dealers and customers,' said Ang Tang Chor, president of HLF.
