Out-Law / Your Daily Need-To-Know

Financial data exchange launches in Singapore

Out-Law News | 09 Dec 2020 | 12:53 am | 1 min. read

Singapore citizens will be able to get access their financial information across government agencies and financial institutions under a just-launched system.

The Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG) have launched the Singapore financial data exchange (SGFinDex).

SGFinDex is a public digital infrastructure which uses national digital identities and a centrally managed online consent system. The system is built on Singapore's national digital identity SingPass and has been developed by the public sector in collaboration with The Association of Banks in Singapore and seven participating banks.

By using SingPass, Singaporeans can get access their personal financial information such as deposits, loans from those participating banks, as well as financial information such as central provident fund balance from relevant government agencies.

SGFinDex will only transmit, without storing personal financial data, which will be retrieved under a SingPass holder consent.

In future, Singaporeans will be allowed to access information on their insurance policies and their holdings of stocks at the Central Depository, a statement said.

The Ministry of Manpower and GovTech have developed a digital financial planning service MyMoneySense, which makes use of SGFinDex to provide Singaporeans with an overview of their finances.

Nathanael Lim of Pinsent Masons MPillay, the Singapore joint law venture between MPillay and Pinsent Masons, the law firm behind Out-Law, said, "The SGFinDex is a good example of how we see technology as a solution to sensitive legal issues such as client confidentiality and dealing with sensitive personal data. With the increasing adoption of technology such as blockchain, we can look forward to see how further solutions will develop to deal with problems traditionally faced when aspiring towards inter-operable platforms."