The role of private sector in digitalisation efforts.

Partnering with the Private Sector - an excerpt from the Digital Government Exchange (DGX) 2017 speech by Head of Civil Service.

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" 18. But the Government cannot build a Smart Nation on our own. Every day, more people interact and transact with commercial entities than with us, which is why it makes sense to partner with the private sector. It will be the best of both worlds: businesses bring their best practices, while the Government helps through regulations and building platforms. 19. A good example of this is our collaboration with the banking sector for the MyInfo bank pilot. Last year, I announced the launch of this digital personal data platform, which allows Singapore residents to auto-fill details like their name, identity card number, and registered residential address onto online forms, instead of repeating them or submitting supporting documents. Since last year, the take-up for MyInfo has grown to approximately 145,000 users. I am happy to update that from today, the use of MyInfo will be extended to the private sector, namely four banks – the Development Bank of Singapore, Oversea-Chinese Banking Corporation, Standard Chartered Bank, and United Overseas Bank. 20. What this means is that customers will be able to open bank accounts, without having to submit copies of identity cards and income statements. This way, there is no need for bank staff to manually verify the customer’s details, since they have already been verified by the Government. Not only will this save time, data entry errors will be reduced too. Though the pilot is still ongoing, the Government has plans for MyInfo to be extended beyond the opening of bank accounts by 2018, to other transactions, such as credit card applications and home loans. 21. In tandem with the extension of MyInfo for private sector use, we will also increase the platform’s coverage of government digital services over seven-fold, from 19 government digital services today, to more than 150 by next year. We envision that MyInfo will be used in other sectors with strong citizen touch points, such as insurance. 22. E-payments is another area where the Government welcomes private sector involvement. We cannot push for e-payments by ourselves, and will need to work with external parties – from banks to payment service providers to FinTech firms. An example is the Central Addressing Scheme or CAS, which will be launched at the end of next month. CAS is an industry project led by the Association of Banks in Singapore, and developed by a local payment infrastructure provider, called Banking Computing Services. Customers of seven major banks will be able to use CAS when it is launched. Besides those already involved in the MyInfo pilot, there are HSBC, Citibank, and Maybank as well. 23. CAS links an individual’s mobile number, or National Registration Identity Card number, to their bank account, so inter-bank fund transfers can be made as easy as sending a text. Such convenience will make e-payments more appealing to citizens, especially those who struggle to remember lengthy bank account numbers. Over time, the Government expects CAS to help increase the volume of digital transactions in Singapore. 24. The Government has also put in enablers to promote innovation and experimentation in the private sector. In November last year, the Monetary Authority of Singapore issued “regulatory sandbox” guidelines, enabling financial institutions and FinTech players to conduct live experiments within boundaries, in lieu of meeting full regulatory requirements upfront. The sandbox provides a conducive space to jumpstart testing of innovative solutions, while containing potential fallouts within the agreed boundaries. "