Digital Infrastructure To Enable More Effective Financial Planning By Singaporeans

Digital Infrastructure To Enable More Effective Financial Planning By Singaporeans

07 Dec 2020

The Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG) today launched the Singapore Financial Data Exchange (SGFinDex), which will enable Singaporeans to consolidate their financial information for more effective financial planning.

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. 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.¹

With SGFinDex, individuals can use their SingPass to retrieve their personal financial information (such as deposits, credit cards, loans, and investments) from the participating banks and their financial information (such as HDB loans and CPF balances) from the relevant government agencies. This will help individuals better understand their overall financial health and plan their finances holistically. In the next phase of SGFinDex, individuals will 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 developed a digital financial planning service, MyMoneySense, that makes use of SGFinDex to provide Singaporeans with an overview of their finances. It will offer trusted, personalised and actionable guidance for more effective and comprehensive financial planning. Members of the public can use MyMoneySense to plan their finances at www.mymoneysense.gov.sg.

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

SGFinDex is designed to ensure data protection and privacy of personal financial information. It will only transmit but not store any personal financial data. Financial data can be retrieved only through explicit consent of the individual, whose identity must be verified through SingPass.² All data transmitted through SGFinDex is encrypted and can be read only on the financial planning applications receiving the data.

Ravi Menon, Managing Director, MAS, said, “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. SGFinDex is a tangible expression of harnessing digital technology to enhance the financial well-being of Singaporeans.”

Ng Chee Khern, Permanent Secretary, SNDGO, said, “Smart Nation is about using technology to transform and improve lives, and to create new opportunities in an economy powered by digital innovation. The Government can play a role in building the platforms and frameworks for data sharing and digital collaboration, so that companies and public agencies may create new services, and better meet the needs of citizens and businesses. SGFinDex is a case in point. We are excited to partner MAS and the financial industry on this pioneering initiative, and we look forward to working with other industries to drive such data-sharing innovations.”

Samuel Tsien, Chairman, ABS and Group CEO of OCBC Bank, said, “Banks in Singapore have always been at the forefront of digital innovation, creating online products and services that serve our customers well in a seamless and convenient manner. ABS and the 7 participating banks are pleased to have participated in the world’s first public-private-partnership in building a public digital infrastructure, that is underpinned by a national digital identity and online consent framework, to help our customers manage their finances holistically. SGFinDex not only showcases Singapore banks’ digital abilities but also our financial planning capabilities.”

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• Annex - Quotes from participants (pdf - 307kb)
• SGFinDex Infographic (pdf - 215kb)

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About the Monetary Authority of Singapore

The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. As a central bank, MAS promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector. As an integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and stock exchanges. It is also responsible for well-functioning financial markets, sound conduct, and investor education. MAS also works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, adoption of technology, and upgrading of skills in the financial industry.

About the Smart Nation and Digital Government Group (SNDGG)

The Smart Nation and Digital Government Group (SNDGG) was set up under the Singapore Prime Minister’s Office in May 2017, to drive and coordinate Smart Nation and digitalisation efforts across the Singapore Government.

SNDGG is made up of the Smart Nation and Digital Government Office (SNDGO) and the Government Technology Agency (GovTech). SNDGO plans and prioritises key Strategic National Projects, drives the digital transformation of government, builds long-term ICT capabilities for the public sector, and promotes the adoption of government digital products and services. Together with GovTech – SNDGO’s implementing agency – SNDGG drives the digital transformation of the public sector and harnesses the best technologies to better the lives of people in Singapore.

About The Association of Banks in Singapore

The Association of Banks in Singapore (ABS) plays an active role in promoting and representing the interests of the banking community in Singapore. In doing so, ABS works closely with the relevant government authorities towards the development of a sound financial system in Singapore. Since its establishment in 1973, ABS has promoted common understanding among its members and projected a unifying voice on banking issues. It has brought its members closer together through various guidelines and banking practices as well as the support of projects of mutual benefit to face the challenges of the financial and banking community in Singapore. Today, ABS has a membership of more than 150 local and foreign banks. More information on ABS is available on the website: www.abs.org.sg.

About MyMoneySense

MyMoneySense is a financial planning digital service jointly developed by MOM and GovTech. It aims to enable individuals to better understand and plan their finances easily and independently. Key benefits of this service include the ability to consolidate finances across government and bank sources into a single dashboard, and to obtain independent and personalised insights to improve one’s financial well-being. For those who are just starting out on their financial planning, MyMoneySense provides a step-by-step guide for individuals to set their financial goals and keep track of their progress. The service will progressively expand to provide enhanced guidance in more aspects of financial planning and across different life stages.

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For media queries, please contact:

Bridgitte Lee
Assistant Director (Communications)
Monetary Authority of Singapore
Tel: +65 6229 9262
Email: bridgitte_lee@mas.gov.sg

Jacqueline Ong
Deputy Director (Communications)
Monetary Authority of Singapore
Tel: +65 6229 9159
Email: jacqueline_ong@mas.gov.sg

Chia Suat Ning
Manager, Adoption and Engagement Directorate
Smart Nation and Digital Government Office, Prime Minister’s Office
Tel: +65 8182 8052
Email: chia_suat_ning@pmo.gov.sg

Ong-Ang Ai Boon, Mrs
Director
The Association of Banks in Singapore
Tel: +65 6224 4300
Email: banks@abs.org.sg