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MAS and SNDGG launch Singapore Financial Data Exchange (SGFinDex)

Monday 7 December 2020 09:30 CET | News

The Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG) have launched the Singapore Financial Data Exchange (SGFinDex), which will enable Singaporeans to consolidate their financial information for more effective financial planning.

SGFinDex is the world's first public digital infrastructure to use a national digital identity and centrally managed online consent system to enable individuals to access, through applications, their financial information held across different government agencies and financial institutions. Built on Singapore's National Digital Identity (SingPass), SGFinDex was developed by the public sector in collaboration with The Association of Banks in Singapore and seven participating banks.  

With SGFinDex, individuals can use their SingPass to retrieve their personal financial information (such as deposits, credit cards, loans, and investments) from the participating banks and their financial information (such as HDB loans and CPF balances) from the relevant government agencies. This will help individuals better understand their overall financial health and plan their finances holistically. 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.

The Ministry of Manpower and GovTech have developed a digital financial planning service, MyMoneySense, that makes use of SGFinDex to provide Singaporeans with an overview of their finances. It will offer trusted, personalised and actionable guidance for more effective financial planning. Members of the public can use MyMoneySense to plan their finances at www.mymoneysense.gov.sg .

Several participating banks have also tapped on SGFinDex to offer enhanced financial planning services to their customers. These services provide applications covering money management, investments, identifying protection needs and retirement planning. 

SGFinDex is designed to ensure data protection and privacy of personal financial information. It will only transmit but not store any personal financial data. Financial data can be retrieved only through explicit consent of the individual, whose identity must be verified through SingPass. All data transmitted through SGFinDex is encrypted and can be read only on the financial planning applications receiving the data.


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Keywords: MAS, SNDGG, Singapore Financial Data Exchange, SGFinDex, digital identity, consent, data protection, privacy, financial information, data
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Singapore
This article is part of category

Banking & Fintech