MAS launches Singapore Financial Data Exchange to enable more effective financial planning by Singaporeans
17 December 2020
On 7 December 2020, the Monetary Authority of Singapore (“MAS”) and the Smart Nation and Digital Government Group (“SNDGG”) launched the Singapore Financial Data Exchange (“SGFinDex”), which will enable Singaporeans to consolidate their financial information for more effective financial planning. SGFinDex is a public digital infrastructure which uses a national digital identity (“SingPass”) and centrally managed online consent system to enable individuals to access, through applications, their financial information held across different government agencies and financial institutions.
To help individuals better understand their overall financial health and plan their finances holistically, SGFinDex will allow individuals to use their SingPass to retrieve their personal financial information (e.g. deposits, credit cards, loans, investments) from participating banks and their financial information (e.g. HDB loans, CPF balances) from relevant government agencies. In the next phase of SGFinDex, individuals will be able to access information on their insurance policies held with insurers and their holdings of stocks at The Central Depository.
Several participating banks have also tapped on SGFinDex to offer to their customers enhanced financial planning services that provide applications covering money management, investments, identifying protection needs and retirement planning.
MAS states that SGFinDex, which only transmits and does not store personal financial information, is designed to ensure data protection and privacy of personal financial information. Only with explicit consent of the individual, whose identity must be verified through SingPass, can financial data be retrieved. All data transmitted through SGFinDex is encrypted and can be read only on the financial planning applications receiving the data.
The Ministry of Manpower and GovTech have developed MyMoneySense, a digital financial service that provides Singaporeans with an overview of their finances by making use of SGFinDex. It will offer personalised and actionable guidance for more effective and comprehensive financial planning.
The following materials are available on the MAS website www.mas.gov.sg: