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Singapore: Generating Value Through Digital Identification

Singapore’s Digital Corporate Identification system is creating solid economic value. By creating a secure system of identification, many private-sector projects can integrate and make use of secure client identification. And there is a broad swathe of economic benefits as well.

What the national corporate identification system does for the entire region’s business, Diligent Boards and Diligent Messaging can do for a single organization.

Why Digital Identification Creates Value

The establishment of a digital corporate identification system in Singapore is galvanizing the national, and even the regional, economy, according to research from chipmaker Gemalto.

Gemalto Digital Identity Innovation Manager Coralie Mesnard explains: “Implementation of robust and inclusive identification systems. “Strong identification systems are at the core of mutually reinforcing development dynamics that can benefit the broader economy, facilitating a business-friendly economy.” Identification systems are crucial tools for accomplishing political, economic and human development goals (indeed, legal identity is among the United Nations’ Sustainable Development goals). “

Mesnard identifies Singapore as one of the few pioneering countries that are making electronic identity into a trust between citizens, financial services companies and online public services.

What is the Singapore Corporate Digital Identity?

The Singapore Government starts engagement with digital identification in 2003, when it established the Singapore Personal Access ID, or SingPass. All citizens are encouraged to register for, and make use of, the SingPass for all their dealings with government departments.

It became clear, however, that the SingPass was not adapted to organizations and companies, which were nonetheless. Thus, in 2014, the Singapore Government asked Accenture, in partnership with the World Bank’s Identification for Development project, to create a separate digital identification system for organizations.

In September 2016, the Singapore Government launched CorpPass , a corporate digital identity to other businesses, as well as non-profit organizations and associations, to transact business with government agencies online.

CorpPass is one of the first authentication and access management systems for businesses in Asia. This creates opportunities and even more, as Accenture points out .

Speaking on March 3, 2017, Minister-in-charge of the Smart Nation Program Office, Vivian Balakrishnan, explained that the system would incorporate cutting-edge security and integration features: “I have come up with three features in the short term, “he said in Parliament. “One, to include biometric elements (fingerprint log-ins); two, to enable encryption; and three, to have Open Application Programming Interfaces. “The open API feature would enable integration with private sector systems like banking or ecommerce.

Digital IDs Generate Great Value for Private Companies

Managed by the Government Technology Agency (GovTech) and CorpPass is a one-stop portal to more than 130 government agencies.

This generates economic value, as World Bank research shows. It includes:

  • Reduced administrative and transaction costs. The transition from a paper-based identification system to a unique one-to-one and two-in-one solution.

 

  • Reduced theft and fraud. Rigid identification systems with high levels of accuracy, interoperability, and interoperability can be found. Such systems are crucial for combating threats like synthetic identity fraud, which is approximately $ 6 billion per year.

 

  • Reduced compliance costs. Cross-border identification systems can be used to assess compliance with the requirements of a customer’s privacy policy (KYC) and anti-money laundering (AML) regulations. In Europe, for example, KYC costs the average bank $ 60 million per year, with individual transactions ranging from $ 13.40 to $ 134 per identity check.

 

  • Reduced liability costs. The liability costs associated with collecting, storing and disposing of personal data are potentially high. The European Union, for example, has recently passed a maximum penalty of € 20 million (US $ 23.63 million), or 4% of global annual turnover from the previous year (whichever is greater), on companies that fail to protect identity data adequately. They may be able to reduce their costs.

As well as reducing costs, the potential to build on the government’s Digital Identification System is considerable, as Balakrishnan said. For example, e-payments have been included in the plans for the Smart Nation Program Office, and this will make both ecommerce and financial services available at a lower cost and with a higher level of security. The new e-payments system will allow people to transfer money through any bank account, according to the minister.

Meanwhile, businesses can use the national digital ID system to connect with a wide range of services, including internet banking or accounting. Businesses can use the API to integrate their services with the national system.

Like Digital ID, Diligent Boards and Diligent Messenger Reduce Costs and Boost Efficiency 

What Singapore’s digital ID system does for the region, Diligent Boards and Diligent Messenger do for single organizations. It is an environment in which organization function better.

Security is assured; communication is improved; costs of corporate governance implementation are reduced; and efficiency is improved.

Diligent Boards creates an environment in which directors and management can operate smoothly.

Diligent boards moves all the agendas, documents, annotations and discussions of board meetings into an intuitive, secure portal. And it goes beyond digital board books to manage the full scope of a board’s moving parts – committees, contacts, voting, reporting and more.

As part of the Governance Cloud ecosystem, Diligent Messenger was developed by the global leader in governance for secure messaging in healthcare, education, financial services and banking, corporations and nonprofits.

Moving confidential board communications out of personal and corporate email systems is easier than ever. Diligent Boards integrates with virtual board meeting software, like Diligent Boards, to enable secure messaging and real-time collaboration.

It uses the same tools every day, reducing the temptation of workarounds. The platform’s intuitive features are informed by Diligent’s work with 145,000-plus executives worldwide.

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