Survey: Singapore Consumers Want to Control Their Data

Singapore consumers of digital services have expressed a desire to control personal data in the virtual space.

Persinal data

A Visa survey in Singapore showed that users want to know how companies process personal data. Source: Pixabay.com

The results of a Visa study showed that 77% of Singapore residents who use online applications want to control personal information. They do not trust the practices of providing data to commercial companies and the government. There is no information about the number of survey participants.

Also, 66% of respondents said that they use apps and websites on a weekly basis for shopping and receiving financial services. This fact confirms that requests for personal data are frequent. In almost all cases, repeated provision of personal information is required to perform the next operation.

The survey results showed that 74% of respondents do not know how companies collect their data and how they work with this information. More than half of the respondents (52%) said that the personal information policy protects large corporations, not users.

Two-thirds of respondents believe that companies must necessarily send users standardized requests for data collection. 64% of respondents are ready to give positive answers to such requests.

Visa collaborates with IMDA to explore the optimal data collection model. The partnership aims to increase consumer awareness. The goal is also to create the most convenient way for all parties to collect data. Preliminary plans envisage that the new model will be applied in Singapore. When the result of cooperation will be demonstrated, it has not yet been reported.

Adeline Kim, Visa manager in Singapore and Brunei, believes that the method of collecting personal data is a key issue in online trading and making payments. Working with personal information provides customers with unhindered access to services. Consumers will not trust companies that hide data processing policies.

As we have reported earlier, Singaporean DBS Applies DeFi to FX and Securities Trade.