Forum: Have centralised database to recognise accredited investors
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Singapore has built a strong reputation as a leading global financial hub, balancing robust regulation with forward-looking innovation.
The Monetary Authority of Singapore (MAS) has been instrumental in this progress.
One notable example is SGFinDex, developed by MAS together with the Government Technology Agency, Smart Nation Singapore and financial institutions. It lets individuals view their financial information securely across multiple providers in one place.
However, one area that still causes frustration is the process of recognising accredited investors. Currently, high-net-worth individuals must submit supporting documents repeatedly to each bank or financial institution whenever they apply for accredited investor status. This is inconvenient for investors and creates unnecessary duplication for institutions.
It may be time for MAS, together with financial institutions and the relevant agencies, to develop a centralised database for accredited investor recognition. Such a platform could leverage secure frameworks like MyInfo so that once an individual is verified, this status can be recognised across participating institutions.
The benefits would be significant. Investors would enjoy a simpler and faster onboarding experience, while financial institutions would save resources and apply regulatory criteria more consistently. Regulators would also gain better oversight through a secure and unified system.
Just as SGFinDex transformed how individuals manage their finances, a centralised database could transform the way accredited investor status is recognised. It would remove unnecessary friction, improve efficiency and strengthen Singapore’s standing as a forward-thinking financial centre.
Justin Kan Rui Liang
