Under one roof: Users can view financial data for bank and government accounts on one platform


SINGAPORE: For those with multiple bank accounts, logging into many platforms for updates and building financial spreadsheets may now be a thing of the past.

This is made possible with the launch of the Singapore Financial Data Exchange (SGFinDex) on Monday, December 7, a digital infrastructure that is based on the national SingPass digital identity system.

By providing explicit consent, users can now choose to pool all of their financial data – account balances, credit cards, loans, and investments – from multiple banks and government agencies, and display it on their platform. choice.

SGFinDex is a joint initiative of the Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG) in collaboration with the financial sector.

Making the announcement at this year’s Singapore FinTech Festival and Singapore Week of Innovation and Technology, Deputy Prime Minister Heng Swee Keat said, “This is the world’s first public digital infrastructure that enables a person to log in using their national digital identity and give their consent. to obtain its financial information from various financial institutions and government agencies.

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So far, there are seven participating banks – Citibank, POSB and DBS Bank, HSBC, Maybank, OCBC, Standard Chartered Bank and UOB.

Users will also be able to retrieve data from three government agencies – the Central Provident Fund (CPF), the Housing Board, and the Inland Revenue Authority of Singapore (IRAS) – through MyInfo, the government’s one-stop-shop data platform.

Information on insurance policies and shares held by the central depository will be included in the next phase of SGFinDex, although no timetable was given in the joint press release issued on Monday by MAS, SNDGG and Singapore Banking Association.

HOW IT WORKS

Users can choose to view their consolidated financial information on any of the seven banks’ financial planning websites or mobile apps.

Those who are not customers of the seven participating banks can use the government’s new digital financial planning service MyMoneySense.

According to a list of frequently asked questions (FAQs) on SGFinDex, MyInfo information will “always be retrieved” when users make a request to retrieve their bank details from one of the participating banks.

“It’s about providing you with a consolidated view of your personal financial health,” the list added.

If users don’t want to share their MyInfo data with their bank, they can use the MyMoneySense website instead, according to the FAQ.

Both options will require users to sign in through SingPass as a form of identity authentication.

Once logged in, users will be directed to the SGFinDex page where they can select the banks to which they wish to give their consent to disclose their data. Once selected, they will be directed to the respective bank portals for a second round of authentication.

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Once successful, the banks will be displayed on the SGFinDex page as a connected financial institution.

Users will then be redirected to their preferred platform – be it a banking app or website, or government MyMoneySense – where they can view the following:

Banks that have been authorized to disclose data:

– Current and savings accounts, term deposits and joint accounts (End-of-month balance for the last four months)

– Credit cards (Balance of statement for the last four months)

– Secured and unsecured loans (Balance from previous month’s statement)

– SICAV (Account balance for the previous month)

Government agencies:

– Latest balances available on all CPF accounts (for Singaporeans and PR only)

– Last outstanding HDB loan balance or monthly loan payment

– Last annual taxable income from the IRAS assessment notice

A user’s consent will last for one year from the time it was first provided and can be revoked at any time.

SAFETY GUARANTEES

The SGFinDex is designed to ensure data protection and the confidentiality of personal financial information, says the joint press release.

Safeguards include how data can only be retrieved with the “explicit consent of the individual” whose identity is to be verified through SingPass.

SGFinDex only transmits personal financial data and does not store any. It cannot be used for making transactions.

All transmitted data is encrypted and can only be read on financial planning apps or websites that a user has chosen to allow to receive the data, the joint press release said.

The FAQ said that in the event of a data breach, the circumstances leading up to the incident will decide who is held responsible.

For example, a participating bank will be held liable if it is determined that it caused the data breach.

Under the Personal Data Protection Act, an organization that violates data protection provisions can be fined up to S $ 1 million.

If the data breach occurred on the Department of Manpower’s MyMoneySense platform or on the SGFinDex infrastructure, the government will be responsible and perform incident containment, forensic investigations and actions. recovery required in accordance with established protocols.

Under the Public Sector (Governance) Act, public officials who recklessly or intentionally disclose data without authorization or who misuse the data for profit can be found guilty and face a penalty. S $ 5,000 or imprisonment for up to 2 years, or both.

WHAT IT MEANS TO YOU

Convenience aside, SGFinDex will help Singaporeans with financial planning, authorities said.

“Today, our personal financial information is fragmented between several entities, and we often make financial decisions, such as making an investment or buying a house, without having a comprehensive view of our financial situation,” said the director of MAS, Ravi Menon.

SGFinDex harnesses digital technology to improve the financial well-being of Singaporeans, he added.

“(It) enables the individual to consolidate their financial information for a complete view of their portfolio and use digital tools like MyMoneySense to make better financial decisions. “

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Several participating banks have already turned to SGFinDex to offer enhanced financial planning services to their clients, such as apps covering money management, investments, protection needs and retirement planning, the release said. joint press release.

For example, Maybank launched MView – a new service that presents its clients with a complete view of their financial situation, including their life insurance policies with its Etiqa insurance arm.

OCBC also has a new digital financial dashboard called OCBC Financial OneView.

In addition to allowing clients to view all their financial data at a glance, the artificial intelligence-based dashboard will offer personalized tools and advice to help users manage their finances, plan for retirement, to grow and protect their heritage.

In the recent OCBC Financial Wellness Index, more than a third of respondents said they did not know the best way to grow their wealth.

“SGFinDex will open up more opportunities that will allow clients to access simpler and more comprehensive financial advice to achieve their goals,” said Sunny Quek, Head of Consumer Financial Services in Singapore.

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Singapore’s largest lender, DBS, has said the launch of SGFinDex is “timely” as the COVID-19 pandemic and its sudden disruption in income has “revealed an acute need for financial planning” among many Singaporeans.

The bank’s five million customers can now access SGFinDex through its digital advisory tool NAV Planner “to consolidate their financial data and receive personalized information and actionable recommendations on how to make their money grow,” said its chief of country in Singapore, Shee Tse Koon.


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