Singapore, November 8, 2021 … The Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG) today launched the second phase of the Singapore Financial Data Exchange (SGFinDex). Individuals can now consult information on their investments with the Central Depository (CDP) as part of their consolidated financial position via the financial planning applications of participating banks and MyMoneySense, a free digital government financial planning service.
2 Since its creation on December 7, 2020, SGFinDex has stimulated financial planning among clients of participating banks with more than 150,000 unique user registrations, 290,000 linked bank accounts and 620,000 data retrievals carried out. CDP’s participation in SGFinDex expands the range of financial information that individuals can retrieve from participating banks and government agencies. This gives individuals a more complete view of their financial situation. The inclusion of CDP information in SGFinDex has been achieved through close collaboration with the Singapore Stock Exchange (SGX), participating banks and the Association of Singapore Banks (ABS). In the next phase, individuals can also expect to access information on their insurance policies via SGFinDex.
3 Mr. Lim Tuang Lee, Deputy Managing Director (Capital Markets), MAS said, âThe inclusion of CDP data in SGFinDex is an important step in providing Singaporeans with a more holistic view of their financial portfolio, enabling them to take better financial decisions and improved retirement planning.
4 Mr. Kendrick Lee, Director, National Digital Identity, Government Technology Agency (GovTech) added: âWe are delighted that SNDGG’s close partnership with our industry partners has provided Singaporeans with more robust digital solutions for their financial needs. We seek to grow on such initiatives to stimulate and enhance consent-based and data-driven innovations and create trusted online ecosystems for better lives at Smart Nation Singapore. “
5 Mr. Daniel Hildebrand, Head of Digital and Depository Services, SGX said: âCDP provides integrated clearing, settlement and depository services for a wide range of products in the Singapore Securities Market and its data constitutes an essential part of the overall financial portfolio of investors. We help our account holders better visualize and plan their finances by providing CDP data through SGFinDex, a platform jointly offered by MAS and SNDGG to enable individuals to improve their financial planning. ”
About Singapore Financial Data Exchange
The Singapore Financial Data Exchange (SGFinDex) is the world’s first public digital infrastructure to use a national digital identity and a centrally managed online consent system to allow individuals to access their held financial information through apps. in various government agencies and financial institutions.
SGFinDex is designed with data protection and privacy controls in place for personal information. Financial data can only be retrieved with the individual’s explicit consent through Singpass, and individuals retain control over which participating entities they wish to share their data with. The consent of an individual to link participating entities to SGFinDex lasts only one year from the date of his first account connection to SGFinDex. His consent must be given again after one year.
For more information, please visit https://www.mas.gov.sg/development/fintech/sgfindex.
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, the MAS promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages the Singapore exchange rate, official foreign exchange reserves and banking sector liquidity. As an integrated financial supervisor, MAS fosters a strong financial services industry through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisers and financial market infrastructure. He is also responsible for the proper functioning of financial markets, good conduct and investor education. MAS also works with the financial industry to promote Singapore as a vibrant international financial center. It facilitates infrastructure development, technology adoption and skills upgrading in the financial sector.
About the Smart Nation and Digital Government Group (SNDGG)
The Smart Nation and Digital Government Group (SNDGG) was established under the auspices of the Prime Minister’s Office of Singapore in May 2017, to lead and coordinate Smart Nation and digitization efforts across the Singapore government.
The SNDGG is made up of the Smart Nation and Digital Government Office (SNDGO) and the Government Technology Agency (GovTech). SNDGO plans and prioritizes key national strategic projects, drives digital transformation of government, builds long-term ICT capacities for the public sector, and promotes adoption of digital government products and services. In collaboration with GovTech – the implementing agency of SNDGO – SNDGG drives the digital transformation of the public sector and harnesses the best technologies to improve the lives of the people of Singapore.
For more information, please visit www.smartnation.gov.sg.
MyMoneySense is a digital financial planning service jointly developed by MOM and GovTech. It aims to allow individuals to better understand and plan their finances in a simple and independent way. The main benefits of this service include the ability to consolidate finances between government and bank sources into a single dashboard and gain independent and personalized insights to improve one’s financial well-being. For those who are just starting their financial planning, MyMoneySense provides a step-by-step guide for individuals to set their financial goals and track their progress to aid in financial planning. The service will gradually expand with improvements to SGFinDex to provide better advice in more aspects of financial planning and across different stages of life.
MAS – Monetary Authority of Singapore published this content on 08 November 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 08 November 2021 04:27:07 UTC.