SGFinDexas spurred financial planning among participating bank customers.
The Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG) has launched the second phase of the Singapore Financial Data Exchange (SGFinDex).
Individuals can now view information on their investment holdings at The Central Depository (CDP) as part of their consolidated financial position via participating banks’ financial planning applications and MyMoneySense, a free government financial planning digital service.
Since its inception on 7 December 2020, 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. CDP’s participation in SGFinDex expands the range of financial information that individuals can retrieve from participating banks and government agencies. This provides individuals with a more comprehensive view of their financial positions. The inclusion of CDP information in SGFinDex was achieved through close collaboration with the Singapore Exchange (SGX), participating banks and the Association of Banks in Singapore (ABS). In the next phase, individuals can look forward to accessing information on their insurance policies through SGFinDex as well.
Lim Tuang Lee, Assistant Managing Director (Capital Markets), MAS said, “The inclusion of CDP data in SGFinDex is an important step to providing Singaporeans with a more holistic view of their financial portfolio, empowering them to make better financial decisions and enhance retirement planning.”
Kendrick Lee, Director, National Digital Identity, Government Technology Agency (GovTech) added, “We are delighted that the close partnership SNDGG has with our industry partners has equipped Singaporeans with more robust digital solutions for their financial needs. We seek to expand on such initiatives to drive and improve consent-based data-driven innovations and build trusted online ecosystems for better lives in Smart Nation Singapore.”
Daniel Hildebrand, Head of Digital & Depository Services, SGX said, “CDP provides integrated clearing, settlement and depository services for a wide range of products in Singapore’s securities market and its data form a critical part of investors’ overall financial portfolio. We are supporting our account holders to better view and plan their finances by providing CDP data through SGFinDex, a platform offered jointly by MAS and SNDGG to enable individuals to improve their financial planning.”
