to authorise third - parties to access their personal data sitting across many different government agencies. with consent, third parties can use myinfo apis to access data that is government - verified to authenticate their customers and make business decisions relating to that customer. last year, mas and the government technology agency of singapore ( govtech ) started a pilot with four banks to enable individuals to open a bank account online using myinfo. today, we can open a bank account or apply for a credit card - online and instantly – when we give consent to the bank to access our data through myinfo. more than 20 fis are now using myinfo to provide more than 110 digital financial services. we have substantially solved the personal kyc problem. but corporate kyc is far more complex. last year, i shared with you that mas is working with local and foreign banks to explore a shared services utility for doing corporate kyc. this is potentially a transformative project. and we made good progress in harmonising various banks ’ kyc systems and integrating the proposed kyc utility with the banks ’ infrastructure. this is no mean feat given the diversity of banks ’ kyc processes and internal it systems but the economics did not work out : our proposed solution was going to cost more than the savings that banks will get out of it. so we have decided to take a pause on the project. the banks participating in the kyc project will publish a report this week on their learning experience. i hope this report will inspire new ideas to help solve corporate kyc problems in the most cost - efficient way because this is a problem that needs to be solved. we tried, we failed, we will learn, and we will do better next time. innovation is about experimenting and learning from setbacks. just as we showcase our successes, let us also be open about our setbacks. this is the spirit of enterprise we need in the financial sector and in singapore. and we will continue to explore other ways to alleviate kyc pain for fis and their customers. mas and the govtech are now working with the industry to facilitate fis ’ credit assessment of smes using trusted government data. 4 / 9 bis central bankers'speeches today, young smes that wish to obtain bank financing may face difficulties due to the lack of credit history. we will help pool trusted data from government sources on the business and key individuals associated with the smes to facilitate a more informed credit assessment. we will run a pilot

. over the years, this has evolved to a risk - based liquidity risk supervision framework. singapore banks are therefore well positioned to meet the new basel liquidity ratios. effective regulation is not just about setting high standards. it is also about creating market conditions that enable financial institutions to meet the standards. take for instance the higher liquidity requirements under basel iii. mas has taken steps to increase the availability of liquid assets in the market and collaborate with other central banks to expand eligible collateral in the mas standing facility. let me elaborate. bis central bankers ’ speeches we started issuing one - month mas bills in april this year. this has added about $ 6 billion of high quality liquid assets for financial institutions. we have seen good interest in the bills. we are looking to issue more and in longer tenor, in the future. as for the mas standing facility, we have, in the last two years, progressively expanded the range of eligible collateral. mas has signed cross - border collateral arrangements with other central banks. banks can now use as collateral, euro and sterling cash, as well as french, german and british government securities. we are now finalising similar arrangements with the us federal reserve, so that banks will be able to pledge us treasury bills and notes to obtain singapore dollar liquidity at the standing facility. these initiatives significantly enhance banks ’ flexibility to tap on global sources of liquid assets. let me now touch on the regulation of financial markets. a key focus of international regulatory reforms has been on the trading of otc derivative contracts. mas will meet objectives set by g20 leaders on regulation of otc derivatives as well as recommendations by the financial stability board ( fsb ). we are now reviewing our detailed policies and will conduct consultation by the end of this year on all aspects of fsb ’ s recommendations. mas aims to meet fsb target to implement the recommendations by end 2012. there are four key thrusts in fsb ’ s recommendations on otc derivatives trading. first, standardise derivative contracts. mas is working with singapore foreign exchange markets committee ( sfemc ) to encourage further standardisation of derivative products. the sfemc will formulate a code of conduct for financial institutions operating in the otc market. second, mandate central clearing of all standardised contracts. since 2006, the singapore exchange has operated a clearing facility for otc derivatives. it started with derivatives contracts for commodities, energy and freight ; and introduced interest rate swaps in november 2010. it will clear fx forwards by