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Singapore. ACRA's Data Services Journey.

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Singapore. ACRA's Data Services Journey.

  1. 1. ACRA’s Data Services Journey Queenie Chang, Senior Manager, Data Services Information Resource Department Accounting and Corporate Regulatory Authority 11 April 2019
  2. 2. Agenda Copyright © ACRA 2019. All rights reserved. 2 1 Overview of ACRA 2 ACRA’s Data Strategy 3 ACRA’s Data Services 4 ACRA’s API Mall 5 Next Steps
  3. 3. ACRA as the Business Data Repository for Singapore 1
  4. 4. Mission and Functions  Accounting and Corporate Regulatory AuthorityAct  AccountantsAct  Business Names RegistrationAct  CompaniesAct  Limited Liability Partnerships Act  Limited Partnerships Act 2008 • Administration of repositories • Provision of access to the public of such documents and information • Statutory Board under the Ministry of Finance since 2004 • Registration and regulation of business entities, public accountants and corporate service providers, under the following Acts: Copyright © ACRA 2019. All rights reserved.
  5. 5. 5 Overview of Corporate/Public Accountancy Landscape in Singapore 498 Limited Partnerships 16,875 Limited Liability Partnerships 1,142 Public Accountants All statistics are accurate as at 31 Dec 2018. 135,298 Sole-Proprietorships & Partnerships 336,774 329,633 PrivateCompanies 5,039 PublicCompanies 2,102 ForeignCompanies Companies 85% Corporate Filing Compliance Rate Copyright © ACRA 2019. All rights reserved.
  6. 6. A Trusted Business Register Public Close to 400 e-services such as: • Entity incorporation • Filing of Annual Returns • Filing of financial statements Over 1.7mil transactions completed per year Government and External Agencies Over 100 interfaces with 54 agencies: • Transmission of info for application of licences • Receipt of info such as changes in addresses 24/7 filing 100% online since 2003 100% online Business Registration and Filing Copyright © ACRA 2019. All rights reserved.
  7. 7. ACRA’s Data Strategy 2
  8. 8. 8 Digital Government Blueprint (Launched June2018) • Providing digital services that are relevant, seamless, easy to use, reliable and secure for citizens and business. Copyright © ACRA 2019. All rights reserved.
  9. 9. 9 Our Operating Environment • ACRA’s Strategic Outcomes Copyright © ACRA 2019. All rights reserved.
  10. 10. 10 Our Envisioned Future State Mission : Raw data is our core business • Ensuring data accuracy and completeness • Providing ease in filing the data Business Optimisation : A Data-focused business • Used for policy-making, improve compliance, raise service level • Benefits: o Achieve organisation excellence : efficiency and effectiveness o Keep up with competition Business Transformation : A Data-driven organisation • Business model changes • Data is the asset, data as products or services • Data as insights and differentiating factor Mission Optimisation Transformation Copyright © ACRA 2019. All rights reserved.
  11. 11. 11 Digital Government Blueprint (DGB) vs ACRA’s Strategies DGB Strategies: • Open data sharing Co-create digital solutions that benefit everyone. • Digital service standards Easy and seamless digital services for everyone. • Single Source Of Truth (SSOT) Optimised data flows and data fusion. ACRA’s Strategies: • Data services Omni channel data access, E.g. API services, Data.gov.sg, etc. • Systems adherence Consistency with rest of government for seamless data interoperability. • Data quality Ensures data integrity for trusted and reliable decision making. ACRA as SSOT for business and financial information*. * For businesses who submits their financials to ACRA. Copyright © ACRA 2019. All rights reserved.
  12. 12. ACRA’s Data Services 3
  13. 13. 14 ACRA’s API services enable businesses through: System integration for seamless transactions Addresses manpower constraints through increased productivity Availability of real-time information for immediate reliable business decisions Promotes digital services innovation Copyright © ACRA 2019. All rights reserved.
  14. 14. 15 API Services – Our first steps… Electronic products Batch data Engagements with potential users Feedback for service enhancementsAPI Mall @www.apimall.acra.gov.sg 1. ACRA took the step of designing our APIs based on existing services and sought feedback from potential customers. 1 2 3 Copyright © ACRA 2019. All rights reserved. 2. Finalised APIs are made available to targeted users during soft launch. Public launch in December 2018. 3. Continuous engagements with customers to understand their use cases. Feedback are consolidated for evaluation and future enhancements.
  15. 15. 16 API Services @ ACRA’s API Mall BizFile+ DB BizFinx DB API Services ACRA NEW Information Services 1. Entity Information 2. Financial Information 3. Validate and Upload XBRL Financial Statements Online subscription @ Apimall.acra.gov.sg Subscribers’ System/Apps/ Processes Users/Customers General Public ACRA API services available through online subscription at https://www.apimall.acra.gov.sg Copyright © ACRA 2019. All rights reserved. Total 29 API services
  16. 16. 17 Customers’ Use Cases KYC, Credit Risk Integration with Telcos’ processes, as well as overseas information providers or credit bureau services to meet business due diligence. FinTechs, RegTechs Innovations Integration with Smart Contract services where businesses are able to DIY their required contractual agreements, reducing business costs. Service Digitalisation Integration with online services to streamline processes such as customers on-boarding, achieving improved service delivery with reduced resources. Copyright © ACRA 2019. All rights reserved.
  17. 17. 18 Our Next Steps… APIs to support seamless filing of data to the Registry and theTax Authority through customer’s natural system Data / Records can be compiled, and uploaded or submitted in a single step for user. Submitted data flows to respective agencies. ECI Form C-S SourceData RecordKeeping AgenciesSubmission Cash register Paper records e.g. invoices, receipts Sales/ Purchases Electronic invoices 3rd Party data Payment Bank statements Merchant Acquirers data e-Payments (1) Accounting, Payroll, ERP Software Internal systems to record & consolidate business transactions, and trigger tax alerts (2) Conversion/ Computation Module Automatically converts source financial data into statutory filings (4)Submission via system Seamless submission direct toagencies (A) Tax Returns/ Information (B) Financial Reporting Financial data (in XBRL) Financial Statements ….. Other Govt CPF, MOM, Customs May be scalablein future… Annual Return GST F5 (3) Authentication Back-end authentication of taxpayers/ third parties to ensure secure submission AgencyA Agency B age Onc thie es rse.g. Copyright © ACRA 2019. All rights reserved.
  18. 18. Accounting and Corporate Regulatory Authority 10 Anson Road #05-01/15 International Plaza Singapore 079903 www.acra.gov.sg www.facebook.com/SG.ACRA www.twitter.com/ACRA_SG 20

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