SGFinDex allows an individual to retrieve and share their financial data, whether from government agencies or banks, and then pass that information on to other organisations, such as banks. Access is via the Singaporean national digital identity, SingPass.
Singapore Financial Data Exchange – SGFinDex
A joint initiative of the Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG), with the support of the Ministry of Manpower (MOM) Monetary Authority of Singapore.
Financial data can be released from the approved data contributors and then retrieved from participating financial planning applications and websites 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. SGFinDex cannot read and does not store the financial data.
Consent, when given, applies for one year from the initial consent given (if information from another account is consented, the original end consent date still applies). Upon expiry, reconsent can be given. Consent can be revoked.
When consent is given, all data from that institution is released. For example, from a bank, the data would include month-end account balance for the last 4 months in current and savings accounts ,month-end account balance for the last 4 months of fixed deposits, the last 4 months statement balance of credit cards, the previous month’s statement balance from loans, the previous month’s account balance from unit trusts, month-end account balance for the last 4 months for joint accounts.
A digital financial planning service, MyMoneySense (MyMoneySense), was developed by the Ministry of Manpower and Govtech using SGFinDex to allow Singaporeans to access their finances and offer financial planning.
Similarly, UOB TMRW and HSBC’s FinConnect consolidates the view of someone’s finances across several bank accounts and government agencies. HSBC has developed FinFit which uses the financial data to fine tune people’s money management.
Financial institutions currently participating in SGFinDex are Citi, DBS / POSB, HSBC, Maybank, OCBC, Standard Chartered Bank UOB and the Central Depository (CDP).
Government agencies currently participating in SGFinDex as data contributors are the Central Provident Fund Board (CPFB), Housing and Development Board (HDB) and Inland Revenue Authority of Singapore (IRAS), Financial Planning applications/websites.
In future insurers may be brought onto SGFinDex.
Singapore states that it is in the first public digital infrastructure to use a national digital identity and centralised managed online consent system.
Financial data can be retrieved only through explicit consent of the individual, whose identity must be verified through the national digital identity, SingPass.
All data transmitted through SGFinDex is encrypted and can be read only on the financial planning applications receiving the data.
SGFinDex is designed to ensure data protection and privacy of personal financial information. It will only transmit but not store any personal financial data. The emphasis is on improving money management by bringing together all one’s financial information. The focus is on money management (such as spending patterns), planning a retirement, starting investing and assessing protection levels, in the form of insurance.
Authentication and authorisation is underpinned by the digital identity SingPass.
The Fintech Regulatory Sandbox framework enables financial institutions and Fintech players to experiment with innovative financial products or services in a live environment but within a well-defined space and duration.
Singapore is renowned for its banking forward-thinking approach. MAS (Money Authority of Singapore) has been encouraging banks to adopt APIs since 2016, and APIs were currently in use with some banks using APIs for payments and loans before the launch of the Financial Planning Digital Services. In 2018 the API Exchange (APIX) was launched, the world’s first cross border and open architecture platform to promote financial innovation by allowing Fintechs and financial institutions to collaborate on design.
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. The seven participating banks were: Citi Singapore Ltd, DBS Bank Ltd, HSBC Bank (Singapore) Ltd, Maybank Singapore Ltd, Oversea-Chinese Banking Corporation Ltd, Standard Chartered Bank Singapore Ltd and United Overseas Bank Ltd. It was launched on the 7th December 2020.
As of March 2022, 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.
MAS, which has oversight of all the financial institutions in Singapore, and Smart Nation (coordinated by the Smart Nation and Digital Governmental Group).