The government has taken the first step with MyInfo – a single platform containing personal data submitted to and verified by the government. MAS and the Government Technology Agency of Singapore have done a pilot with several 5/9  BIS central bankers' speeches  banks to enable customers to open a bank account online using MyInfo. The pilot saw application timings shortened by as much as 80%. We are now taking 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. It will harmonise and enhance KYC checks across the industry. It will improve the quality of risk management while reducing cost and time taken. If all goes well, we hope to see the Utility in place next year. Making Trade Finance Safer and More Efficient: Global Trade Connectivity Network Another area that could do with transformation is trade finance. Today, it is largely paper-based. 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.

This means harnessing technology to increase efficiency, manage risks better, create new opportunities, and improve people’s lives If Singapore is to maintain its position as one of the top financial centres in the world, it must embrace FinTech – maximising its benefits, minimising its risks. STRATEGIES FOR A SMART FINANCIAL CENTRE And so, for the last two to three years, the Monetary Authority of Singapore (MAS) has been working together with the industry to foster a thriving FinTech hub. This requires getting several pieces right: an ecosystem of diverse players competing and collaborating; an open architecture economy that enables connectivity and innovation; a web of international links to promote the exchange of ideas and scale solutions; a strong talent pool and deep research capabilities; 1/9  BIS central bankers' speeches  a conducive regulatory environment; and a safe and secure cyber environment. Ecosystem of Diverse Players We want to create an ecosystem for innovation, where established financial institutions and FinTech start-ups compete as well as collaborate. Financial institutions are no longer the laggards and technology dinosaurs of popular myth. I know this from my conversations with CEOs of global banks and insurance companies. Almost every major financial institution has an active innovation agenda to strengthen its business by harnessing technology. Many CEOs today can carry on an intelligent conversation about blockchains without looking at their notes – this is a big change from just two years ago. Singapore wants to be the place where these financial institutions test, develop, and apply new technology solutions.