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MAS working closely with local and foreign banks to explore a Banking KYC Shared-Services Utility

MAS working closely with local and foreign banks to explore a Banking KYC Shared-Services Utility

Featured image via Singapore FinTech Festival’s Facebook page. 

Mr. Ravi Menon, Managing Director, Monetary Authority of Singapore (MAS),
shared at the opening of the Singapore FinTech Festival 2017 about the KYC
utility that would enhance customer on-boarding. “Know Your Customer” (KYC) is
one of the biggest problems and pain points in the financial industry – it is
an obligation in any customer on-boarding but the process is costly, laborious,
duplicative, and still not all that effective in detecting tax evasion or money
laundering.

The Singapore Government has taken the first step with
MyInfo – a single platform containing personal data submitted to and verified
by the government. MAS and GovTech have done a
pilot with several banks
to enable customers to open a bank account online
using MyInfo. The pilot saw application timings shortened by as much as 80%. 

 As the next step, MAS is working closely with local
and foreign banks to explore a Banking KYC Shared-Services Utility that will
streamline end-to-end KYC. This means centralising processes such as leveraging
on MyInfo for customer identification and verification; collecting and
validating KYC documents; and screening against sanctions and blacklists.

The Banking KYC Utility is potentially a transformative
project, as it will harmonise and enhance KYC checks across the industry, improve
the quality of risk management while reducing cost and time taken. If all goes
to plan, the KYC Shared-Services Utility will be in place next year. 

Another area that Mr. Menon spoke about that could be transformed was that of
trade finance because currently, it is still largely paper-based and this is not
only inefficient, but increases risks such as fraud and duplicate invoicing. Blockchain
technology offers good promise to make trade finance safer and more efficient.

Last year, DBS Bank and Standard Chartered Bank completed
a proof-of-concept
that demonstrated how blockchain technology could enable
banks to detect if an invoice had already been financed. Shortly after, HSBC
and Bank of America did a proof-of-concept
that showed how trade finance processes could be streamlined using blockchains
and smart contracts.

Building on these, MAS and the Hong Kong Monetary Authority will jointly
develop the Global Trade Connectivity Network
, a cross-border platform for
trade finance using distributed ledger technology. The development of business and technical models for the GTCN is expected to conclude in Q1 2018. The GTCN is expected to go live by early 2019, to tie in with the targeted go-live dates of the Trade Finance Modules on the National Trade Platform in Singapore and the Hong Kong Trade Finance Platform.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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