Singapore has launched a data exchange platform that lets people on the island consolidate their financial information held across different government agencies and banks.
Developed by government agencies, including with the Monetary Authority of Singapore, with the backing of seven leading banks, the Singapore Financial Data Exchange (SGFinDex) is designed to help Singaporeans improve their money management and financial planning.
The exchange is built on Singapore's National Digital Identity, SingPass, which people can use to retrieve their personal financial information (such as deposits, credit cards, loans, and investments) from the participating banks, as well as things such as HDB loans and CPF balances from government agencies.
In the future, people will also 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 also developed a digital financial planning service, MyMoneySense, that makes use of SGFinDex to provide Singaporeans with an overview of their finances and offer personalised guidance.
Some of the participating banks have also tapped SGFinDex to boost their financial planning services in areas such as money management, investments, identifying protection needs and retirement planning.
Ravi Menon, MD, MAS, says: "Today, our personal financial information is fragmented across multiple entities, and we often take financial decisions, like making an investment or buying a house, without a holistic view of our financial situation.
"SGFinDex empowers the individual to consolidate his financial information for a comprehensive view of his portfolio, and use digital tools like MyMoneySense to make better financial decisions."