The Monetary Authority of Singapore and the Smart Nation and Digital Government Group have launched the second phase of the Singapore Financial Data Exchange ("SGFinDex"). Individuals can now view information on their investment holdings at The Central Depository ("CDP") as part of their consolidated financial position via participating banks' financial planning applications and MyMoneySense , a free government financial planning digital service.
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.
SGFinDex was designed with data protection and privacy controls in
place for personal information. Financial data can be retrieved
only with the explicit consent of the individual through Singpass,
and individuals retain control over which participating entities
they wish to share their data with. An individual's consent to
link participating entities to SGFinDex lasts for only one year
from the time of his first account linkage to SGFinDex. His consent
needs to be given again after a year.
Since its inception on 7 December 2020, SGFinDex has spurred financial planning among participating bank customers with over 150,000 unique users sign ups, 290,000 bank accounts linked and 620,000 data retrievals made. CDP's participation in SGFinDex expands the range of financial information that individuals can retrieve from participating banks and government agencies. This provides individuals with a more comprehensive view of their financial positions. The inclusion of CDP information in SGFinDex was achieved through close collaboration with the Singapore Exchange, participating banks and the Association of Banks in Singapore. In the next phase, individuals can look forward to accessing information on their insurance policies through SGFinDex as well.
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