Singapore launches new digital system for financial planning

It allows individuals to access their financial info across government agencies and financial institutions.

The Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG) have launched the Singapore Financial Data Exchange (SGFinDex), a digital system that will allow Singaporeans to access their financial information across government agencies and financial institutions.

Heng Swee Keat, deputy prime minister and coordinating minister for economic policies and minister for finance, made the announcement during his opening speech for this year’s Singapore Fintech Festival x Singapore Week of Innovation and TeCHnology (SFF x Switch 2020).

Using their SingPass account, Singaporeans can retrieve their personal financial information—such as deposits, credit cards, loans and investments, HDB loans and CPF balances, amongst others—from participating banks and relevant government agencies.

MAS and SNDGG plan to roll out more SGFinDex features in the future, including the ability to access information on their insurance policies held with insurers and their holdings of stocks at the Central Depository.

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 their financial information held across different government agencies and financial institutions, according to MAS and SNDGG. It was developed in collaboration with The Association of Banks in Singapore and seven participating banks.

To support its rollout, 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 reportedly will offer personalised and actionable guidance for more effective and comprehensive financial planning.

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