SINGAPORE FINANCIAL DATA EXCHANGE

QUOTE BY ABS CHAIRMAIN, SAMUEL TSIEN, GROUP CEO, OCBC BANK:

“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.”

Introduction

Singapore Financial Data Exchange (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. The seven participating banks are: 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.

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.

Financial Planning Made Easier

With SGFinDex, customers can now say goodbye to manual tracking and have a single view of their finances across participating banks and government agencies.

With the consolidated information, financial planning will be made easier and more comprehensive, allowing individuals to better understand their overall financial health and embark on a comprehensive financial planning journey.

  • Money Management - How to track your spending patterns and monitor cash flows, set financial budgets for better debt and expense management, create financial goals (e.g. Savings goals)

  • Investment - How to start investing for your future, especially for new-to-investment customers

  • Retirement - How to start planning for your retirement

  • Protection - How to assess your protection levels (e.g. purchase insurance if they are not adequately covered/ terminate insurance if over-insured)

Leveraging on SGFinDex, participating banks* have enhanced their financial planning tools and services to their customers.

(*Citi will be launching their financial planning platform in 2021.)

Financial information available through

Source Financial Information
MyInfo
  • CPF Ordinary Account (OA), Special Account (SA), MediSave Account (MA)
    and Retirement Account (SA) most recent balances
  • IRAS Yearly Assessable Income
  • Monthly HDB loan instalment
  • HDB loan outstanding balance
Banks
  • Current and Savings Account balances
  • Fixed Deposits balances
  • Outstanding Credit Cards balances
  • Loans balance
  • Unit Trusts
  • CPF Investment Scheme (CPFIS) holdings
  • Supplementary Retirement Savings (SRS) holdings

For more information on the financial information available via SGFinDex, please refer to the Frequently Asked Questions document below.

Benefits of

  1. Efficient and Standardised: Centralised gateway for efficient data sharing based on common data and API standards

  2. Secure Infrastructure: A government owned and operated infrastructure that uses National Digital Identity (SingPass) authentication and consent framework

  3. Drives Digital Transformation: Enables data-driven innovations

is Secure

  1. Consent-driven: Data is only retrieved after the user has given consent. Users retain control over which participating entities they wish to share their data with

  2. Data security: Data is kept confidential and protected during the data transmission process. SGFinDex cannot read and does not store the user’s personal financial data

  3. SingPass as the authentication and authorisation mechanism: Users are verified with SingPass before they can connect their bank accounts and retrieve data. User’s identity is verified each time their personal financial data is retrieved

  4. Data encryption: Users’ personal financial data is encrypted when it is retrieved through SGFinDex. Only the financial planning application/website that the user has authorised to receive the data is able to decrypt it

MEDIA RELEASES

CONTENT PARTNERS

WATCH THE EXPLAINER VIDEO TO LEARN MORE

 

FREQUENTLY ASKED QUESTIONS

Other web resources

You may assess the MAS website for more information on SGFinDex, at go.gov.sg/SGFinDex

Singapore Financial Data Exchange is offered by these participating organisations


Key Visual - Financial Planning Made Easier Money Sense

(Click here to view as PDF)