While open banking is still to be fully realised in Europe and the US, Singaporean authorities have joined forced to launch a digital infrastructure that offers something similar.
Open banking is usually about being able to effortlessly being able to share data between the different services that people use such as banking accounts, payment companies and credit management solutions.
The Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG) have unveiled something similar: the Singapore Financial Data Exchange (SGFinDex) in collaboration with seven banks and the Association of Banks in Singapore.
The idea is that by using the service, Singaporeans will be able to effortlessly access all their financial information in one place and thus be able to more effectively plan financially.
SGFinDex is built around Singapore’s National Digital Identity, or SingPass. It uses the national digital identity and a centrally managed online consent system to enable individuals to access the financial information banks, financial institutions and governmental bodies hold on them. The Association of Banks in Singapore and seven participating banks.
“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,” said Ravi Menon, managing director of MAS.
“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.”
Samuel Tsien, chairman at ABS and group CEO of OCBC Bank, added, “Banks in Singapore have always been at the forefront of digital innovation, creating online products and services that serve our customers well in a seamless and convenient manner.
“ABS and the seven participating banks are pleased to have participated in the world’s first public-private-partnership in building a public digital infrastructure, that is underpinned by a national digital identity and online consent framework, to help our customers manage their finances holistically. SGFinDex not only showcases Singapore banks’ digital abilities but also our financial planning capabilities.”
