SINGAPORE – Singaporeans can now view their funds and investments on a single online platform instead of having to visit each bank or government agency’s website, allowing for more effective financial planning.
The Singapore Financial Data Exchange (SGFinDex) is the world’s first public digital infrastructure that uses a national digital identity – SingPass. Users are able to see at a glance their financial information held across different government agencies and financial institutions.
The feature was unveiled by Deputy Prime Minister Heng Swee Keat during his opening address at the Singapore FinTech Festival and Singapore Week of Innovation and Technology on Monday (Dec 7).
It is a joint initiative by the Monetary Authority of Singapore (MAS), the Smart Nation and Digital Government Group, and financial institutions.
Several participating banks, such as DBS Bank, OCBC Bank and United Overseas Bank, have tapped SGFinDex to offer financial planning services, including retirement planning and identifying insurance and protection needs.
In the next phase of SGFinDex rollout, users will also be able to access information on their insurance policies and stock holdings at the Central Depository.
MAS managing director Ravi Menon said: “SGFinDex empowers the individual to consolidate his financial information for a comprehensive view of his portfolio, and use digital tools like MyMoneySense to make better financial decisions.
“SGFinDex is a tangible expression of harnessing digital technology to enhance the financial well-being of Singaporeans.”
DBS Singapore country head Shee Tse Koon said that the launch of SGFinDex is timely given the economic challenges amid Covid-19 which have revealed an acute need for financial planning among Singaporeans.
“We applaud the MAS’s foresight in introducing SGFinDex, which will amplify industry efforts to help people achieve financial wellness,” he added.
Mr Samuel Tsien, chairman of The Association of Banks Singapore and group CEO of OCBC Bank, noted: “SGFinDex not only showcases Singapore banks’ digital abilities but also our financial planning capabilities.”
Here are seven things to know about SGFinDex:
1. What is SGFinDex?
It is a digital infrastructure that enables you to retrieve your financial data from government agencies (via MyInfo) and private sector organisations such as banks, and share it with an organisation of your choice.
For example, you can choose to share your data with a bank making the data visible on the financial planning platform the bank runs.
These include DBS’ NAV Planner, OCBC’s Your Financial OneView and UOB’s One View platforms.
You can also choose to share the data with MyMoneySense, a digital financial planning service developed by the Ministry of Manpower and the Government Technology Agency (GovTech).
2. How does it work?
It links the various data sources from participating entities to facilitate the sharing of your personal financial information.
This allows you to securely retrieve your personal financial data, such as deposits, loans or Central Provident Fund balances, from these sources and presents you with a consolidated view of your financial information on the financial planning application or website of your choice.
3. Who created the digital infrastructure?
SGFinDex was developed by the public sector in collaboration with the Association of Banks in Singapore and seven participating banks: DBS, OCBC, UOB, Citibank Singapore, HSBC Singapore, Maybank Singapore and Standard Chartered Singapore.
4. How safe is the system? Can people steal or copy my data from the platform?
There are stringent security measures in place to safeguard your personal data that passes through SGFinDex. It will transmit but not store any personal financial data.
Your data is encrypted when it is retrieved through SGFinDex and only the financial planning application or website that you have authorised to receive your data is able to decrypt it.
The authentication and authorisation process must be verified through SingPass, and explicit user consent is required for each data retrieval.
Users can revoke their consent for banks to release data at any time, either through the banks’ financial planning applications or websites, or through the MyMoneySense website.
5. How do I sign up to use SGFinDex?
You will need a valid SingPass account and can either use MyMoneySense or participating banks’ financial planning applications to authorise your bank(s) to release data through SGFinDex.
To use any of the participating banks’ applications, you will also require a valid Internet banking account with the financial institution.
6. How long does my consent for data release last?
Your consent period will last for one year from the time your consent was first provided.
For example, if you provide consent to one bank to provide your data through SGFinDex on Jan 1, 2021, and subsequently provide consent to another bank on March 1, 2021, both these authorisations will expire on Dec 31, 2021.
You will need to provide consent again if you wish to release your data from Jan 1, 2022.
7. Do I need to pay to use SGFinDex?
You will not currently be charged for using SGFinDex via a participating financial planning application or website.
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