Banking News

BIS and MAS to work on centralised know-your-customer project

BIS and MAS to work on centralised know-your-customer project

(13 November 2019 – Singapore) The Monetary Authority of Singapore (MAS) will restart its effort to launch a centralised electronic know-your-customer (e-KYC) project, said its managing director Ravi Menon.

"We are taking another crack at it," said Mr Menon, at a press conference to launch the Bank for International Settlements' (BIS) innovation hub in Singapore.

"With the BIS innovation hub centre here, I think it's a wonderful opportunity to see how this [...] can dovetail with the work that the centre will be doing."

BIS has established one of its first innovation hubs outside of Switzerland in Singapore, with the hub to focus on public digital infrastructures and a platform connecting regulators to technology solutions.

The hub, launched today at the sidelines of the Singapore FinTech Festival and Singapore Week of Innovation and TeCHnology (SFF x SWITCH) conference, will work on setting up a framework for public digital infrastructures on identity, consent and data sharing. This is a "foundational public good" to bring about inclusive financial services through digital means, BIS said in a joint statement with the MAS.

The second project is to create a digital platform for supervisory tech, or suptech, solutions. With this platform, central banks can try to solve regulatory problems by sourcing solutions from the fintech community.

BIS is also setting up a hub centre in Hong Kong and said more will be added across the Americas and Europe in the second phase of implementation.

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