Google

ASEANAFFAIRS
Sign up | Log in

    ASEAN PROFILES

  ASEAN KEY DESTINATIONS

PR Today

Home >> Press Release


MAS Encourages Financial Institutions to Use Technology to On-board Customers More Efficiently

Singapore, 7 February 2018... The Monetary Authority of Singapore (MAS) has issued new guidance to financial institutions (FIs) on the use of innovative technology solutions to facilitate safe, non-face-to-face customer on-boarding.

MAS requires FIs operating in Singapore to implement robust controls when onboarding new customers, e.g. when opening a bank account, to detect and deter money laundering or terrorism financing. MAS already allows FIs to carry out non-face-to-face (NFTF) verification of customer identity, provided adequate measures are in place to guard against impersonation. MAS has provided additional guidance that these measures could include biometric identification, real-time video conferencing, and secure digital signature using Public Key Infrastructure (PKI)-based credentials1.

MAS will also allow the use of MyInfo2 for NFTF customer identification and verification. MAS will not require FIs that have been given access to a customer’s MyInfo data to obtain additional documents to verify a customer’s identity. FIs using MyInfo will also not be required to separately obtain a photograph of the customer. The use of MyInfo will streamline customer due-diligence checks across the financial industry. It will improve the quality of risk management while saving time and costs.

Ms Ho Hern Shin, Assistant Managing Director (Banking & Insurance), MAS, said, “MAS encourages FIs to use technology that helps to increase efficiency and improve the customer on-boarding experience while safeguarding against money laundering and terrorism financing risks. FinTech firms can also capitalise on the MyInfo platform, with customer consent, to develop innovative financial solutions for FIs to enhance customer experience.”



Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates
Contact: marketing@aseanaffairs.com

Comment on this Article. Send them to  your.views@aseanaffairs.com

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
 
or
submit your comment in the box below



  Today's  Stories                       February 9, 2018 
• SET market report for January 2018 Subcribe: Asean Affairs Global Magazine
• Indonesia needs to boost exports as foreign debt increases  Subsribe Now !
• Singapore's household income grew in 2017, income inequality unchanged
Research Reports
on Thailand 2007-2008

• Textiles and Garments Industry
• Coffee industry
• Leather and footwear industry
• Shrimp industry

• 90 percent of private companies hedge foreign debt
• Digital products and services to drive 40% of PHL GDP by 2021
Asean Analysis                  February 8,  2018
• Asean Analysis February 8, 2018
QUESTIONS FOR TRIPALLY FROM WWW.ASEANAFFAIRS.COM
Advertise Your Brand

Asean Stock Watch   Febriaru 8,  2018

• Asean Stock Watch-February 8, 2018
The Biweekly Update
• The Biweekly Update  October 27, 2017

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan

ASEAN  ANALYSIS

This year in Thailand-what next?


AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


Name

Name


Email

Email



1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2017 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand
asean@aseanaffairs.com