The Significance of Knowing Your Customer in the Big Data
Era
Although small in population, Singapore is one of the most data
rich countries in the world, with residents' nine-character
personal IDs containing information including their income; career
timeline; health status; and travel history. In mid- 2015, the
Monetary Authority of Singapore (MAS) set up and funded a Fintech
and Innovation Group under its Technology Infrastructure Office, to
oversee regulatory policies and strategy for technology-based
financial infrastructure. The Group has Big Data, as well as cloud
computing and the distributed ledger - commonly known as blockchain
- under its purview. Big Data and associated technologies are
central to the development of the city-state's financial
services industry and emphasised by market participants as well as
regulators. With the data analytics sector said to add USD1 billion
to the Singapore economy by 2017, Know Your Customer (KYC), Know
Your Customer's
