SINGAPORE FINANCIAL DATA EXCHANGE (SGFinDex)

Launch of SGFinDex Phase 2B on 2 November 2022

Quote by Wee Ee Cheong, Chairman, ABS and Deputy Chairman and CEO of UOB:

“Insurance is an important component in an individual’s long-term financial planning. With insurance data now available in SGFinDex, it will give users a more holistic view of their financial position and empower them to make better decisions in building a comprehensive and robust financial portfolio. ABS will continue to collaborate with government agencies and financial partners, leveraging technology to expand the capabilities of SGFinDex to benefit our nation and its people.”

Launch of SGFinDex Phase 1 on 7 December 2020

Quote by Samuel Tsien, Chairman, ABS and Group CEO of 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, insurance policies and investments) from the participating banks, CDP, insurers 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.

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, insurers 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 and insurers have enhanced their financial planning tools and services to their customers.

Financial information available through SGFinDex

Source	Financial Information
MyInfo	Government Data 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	Banking Data Current and Savings Account balances Fixed Deposits balances Outstanding Credit Cards balances Loans balance Investment Data Unit Trusts CPF Investment Scheme (CPFIS) holdings Supplementary Retirement Savings (SRS) holdings
CDP	Investment Data Equities Bonds Unit Trusts Structured Products Others – Rights, Preference Share, Funds, Plain Warrants
Insurers	Insurance Policies Product type Policy details including surrender value and maturity dates etc. Coverage details including plan type, sum insured, hospitalisation limit and coverage expiry date etc. Premium details including premium mode frequency, premium payment term and total premium paid etc. Payout details including total accumulated income amount and payout frequency etc. Fund details and its projection including fund cash value and guaranteed value at maturity etc.

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

Benefits of SGFinDex

Efficient and Standardised: Centralised gateway for efficient data sharing based on common data and API standards
Secure Infrastructure: A government owned and operated infrastructure that uses National Digital Identity (SingPass) authentication and consent framework
Drives Digital Transformation: Enables data-driven innovations

SGFinDex is Secure

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
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
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
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