GrabPay Users Can Now Increase Transaction Limit to $SGD 30,000 After KYC Process

via Fintechnews Singapore 

Grab users will now be able to authorise the retrieval of personal data from MyInfo, a digital identity service from GovTech, to complete the verification process easily.

This comes after GrabPay became a relevant stored value facility (SVF), licensed and regulated by the Monetary Authority of Singapore (MAS).

As a regulated e-wallet, Grab is now required to perform customer identity verification on GrabPay users, in a process called KYC (Know Your Customer).

MyInfo simplifies the customer verification process by reducing manual form-filling and eliminating the need to submit supporting documents such as photos of the NRIC.

GrabPay users who successfully undergo the KYC process will have the annual transaction limit increased to $SGD 30,000 from $SGD 5,000.

Previously, banks like OCBC was also seen using MyInfo to enable instant account opening.