MAS and SNDGG Launch the Singapore Financial Data Exchange

The Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG) under Prime Minister's Office announced today that they have launched the Singapore Financial Data Exchange (SGFinDex), which will enable Singaporeans to consolidate their financial information for more effective financial planning.

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. 

Several participating banks have also tapped on SGFinDex to offer enhanced financial planning services to their customers. These services provide applications covering money management, investments, identifying protection needs and retirement planning. 

Ravi Menon, Managing Director, MAS, said, "Today, our personal financial information is fragmented across multiple entities, and we often take financial decisions, like making an investment or buying a house, without a holistic view of our financial situation. SGFinDex empowers the individual to consolidate his financial information for a comprehensive view of his portfolio, and use digital tools like MyMoneySense to make better financial decisions. SGFinDex is a tangible expression of harnessing digital technology to enhance the financial well-being of Singaporeans."