Singapore has introduced a data exchange platform that allows residents to consolidate their financial data which may be stored across several different databases belonging to various government agencies and banks.
The data exchange solution has been developed by local government agencies, including the Monetary Authority of Singapore (MAS). Seven major banks also took part in building the platform – which is called the Singapore Financial Data Exchange (SGFinDex). According to its developers, the new solution will assist Singapore’s consumers with improving their money management and financial planning.
The data exchange has been developed on Singapore’s National Digital Identity, SingPass, which allows individuals to retrieve their personal financial details (like information on deposits, credit cards, loans, and investments) from the participating banks. Customers may also gain access to details regarding their HDB loans and CPF balances from various government departments.
People will also have the option to gain access to information on their insurance policies in the future. Additionally, they’ll be able to view details about their holdings of stocks at the Central Depository.
The Ministry of Manpower and Govtech have also created an online financial planning service, called MyMoneySense. This solution uses SGFinDex to offer consumers an overview or quick snapshot of their finances and it also provides customized guidance.
Some of the banks taking part in this initiative are using SGFinDex to enhance their financial planning services in key areas including money management, investments, retirement planning, and determining consumer protection requirements.
Ravi Menon, MD, MAS, says:
“Today, our personal financial information is fragmented across multiple entities, and we often take financial decisions, like making an investment or buying a house, without a holistic view of our financial situation.”
“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.”