SGFinDex’s Second Phase Enables Users to View Their Investments in One Place
by Fintech News Singapore November 8, 2021The 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 view information on their investment holdings at The Central Depository (CDP), a wholly owned subsidiary of SGX, as part of their consolidated financial position via participating banks’ financial planning applications and MyMoneySense, a free government financial planning digital service.
CDP’s participation in SGFinDex expands the range of financial information that individuals can retrieve from participating banks and government agencies.
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).
The first phase of SGFinDex was launched in December 2020, where individuals can use their SingPass to retrieve their personal financial information.
This 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.
In the next phase, individuals can look forward to accessing information on their insurance policies through SGFinDex as well.
Lim Tuang Lee
Lim Tuang Lee, Assistant Managing Director (Capital Markets) at 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
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.”
