According to their website, SGFinDex (The Singapore Financial Data Exchange) 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 financial planning applications, their financial information held across different government agencies and financial institutions in Singapore.
TL;DR, it’s a government-initiated platform in Singapore where you can consolidate all your financial data from banks and government bodies, including the HDB, CPF, IRAS and CDP, in one place. No more switching between apps or manually collating data from different accounts.
The platform was created by the Association of Banks in Singapore, the Smart Nation and Digital Government Group and seven participating banks as project counsel.
As of August 2023, the 15 participating institutions are AIA Singapore, AXA Singapore, Citi, DBS / POSB, Great Eastern, HSBC, Income, Manulife Singapore, Maybank, OCBC, Prudential Singapore, Singlife with Aviva, Standard Chartered Bank, SGX Central Depository (SGX CDP), UOB. Because of the access to the CPF/IRAS/HDB info, it's already useful even if you only bank with one of the above.
Through SGFinDex, individuals utilise their SingPass to access their individual financial data (comprising deposits, credit card details, loan records, insurance policies, and investments) from the collaborating banks, insurers, and CPD, alongside their financial information from pertinent government bodies. This encompasses particulars such as account balances, tax data sourced from the IRAS, CPF balances, HDB and automobile loans, as well as SGX holdings managed via the CDP.
Every time you need a consolidated view of your personal financial info, just update your balances by syncing with SingPass. Note that SGFinDex is not a real-time infrastructure and requires your approval via SingPass for each update.
All these can only be viewed or accessed with your consent, which has to be renewed yearly.
1. Log in to the Bank’s portal and select the bank’s financial application or webpage.
2. Log in via SingPass to authenticate your identity. You will find the SGFinDex page via whatever the particular bank chooses to call it (eg "Your Net Worth" or "Plan" in DBS Digibank and "Financial OneView" in OCBC on the landing screen, and "SGFinDex One View" way off the UOB TMRW front page under Wealth.)
3. Link it with your bank by clicking on the ‘Connect to Financial Institution’ (or similar) button and selecting your bank. This will take you to the authorisation of your second bank’s portal.
4. Log in to the second bank’s portal to give your consent for the bank to be linked up to transfer your financial data.
Both banks will be displayed once it’s successful. You can then go on to link more bank accounts by repeating Steps 3 and 4. You can then view your consolidated statements on any of the participating bank’s portals/websites (as well as via MyMoneySense).
The consolidated statements show account balances on the last day of the previous month for each linked account. Don't forget to update balances by clicking on the ‘sync to update balances’ button, redirecting you to SingPass to authorise financial information consent every time you wish to update your data. (This reflects the security measures in place.)
With aggregator apps like these, a huge concern is always that of privacy and data protection. With all your sensitive information on one platform, you might be worried about data sharing or hacking. Well, the good news is that SGFinDex has four secure features:
Yes, this service is free! Whether you choose to access your consolidated data via MyMoneySense or a participating bank, you will not be charged.
SGFINDEX. COMPLETED. ✅
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