A Beginner's Guide To SGFinDex: How To Track All Your Finances on One Platform
dI’m one who’s big on tracking my financial goals monthly.
Armed with my handy dandy notebook, I would start the month by visiting the various iBanking websites, scrutinising the money that I have in each account.
While I chased after the savings accounts with the highest interest rates, the number of bank accounts I had started to increase.
And tracking of finances started to get more difficult.
So when I first heard about the SGFinDex which was recently rolled out, I felt very excited.
Like hello, convenience!
If you’ve seen the news about the SGFinDex recently but aren’t EXACTLY sure what it is about, this article will explain everything to you.
TL;DR: All You Need To Know About SGFinDex
|What is SGFinDex?||New digital infrastructure which provides a one-stop solution for individuals to access their financial information|
|Information you can get from SGFinDex||Government data:
Latest CPF account balances, past year’s tax bill, Outstanding HDB loan balances and monthly instalments
Savings account balances, credit card statements, loans, fixed deposits etc.
|Participating Banks||Citibank, DBS/POSB, HSBC, OCBC, Maybank, Standard Chartered Bank, United Overseas Bank|
|How Will My Data Be Released to SGFinDex?||Need to authorise the banks to release the data|
|How Long Will My Consent Be for Data Release?||One year from the time the first consent was given|
|How Safe Is the SGFinDex System?||Stringent security measures in place to safeguard all personal data|
|How Does It Help With Financial Planning?||Will be able to chart projections and simulations of financial goals with more data available|
What is SGFinDex?
SGFinDex, which stands for Singapore Financial Data Exchange, is a new digital infrastructure that is developed by the public sector in collaboration with the Association of Banks in Singapore and seven participating banks.
It has a centrally managed system which provides a one-stop solution for individuals to access their financial information that is held across different agencies and financial institutions.
This means that we now do not have to manually visit different platforms to collate our financial data, which could be time-consuming previously.
It is built on Singapore’s National Digital Identity (SingPass), where Singaporeans will be able to view their information on a platform of their choice.
It also aims to harness digital technology to enhance the financial well-being of Singaporeans.
Using SGFinDex via a participating financial planning application or website is also currently free-of-charge.
What Information Can I Get From SGFinDex?
If you’re wondering what you will be able to view on this platform, here are some of the financial data that you will have consolidated access to.
|Government Data||Bank Data|
Latest CPF account balances
|Past months’ current and savings account balances|
Past year’s tax bill (Notice of Assessment)
|Past months’ credit card statements|
Outstanding HDB loan balances and monthly instalments
|Supplementary Retirement Scheme (SRS) account|
|CPF Investment Scheme (CPFIS) account|
In addition, the following data from DBS/POSB, OCBC and/or UOB will be available:
- SRS/CPFIS Cash Balance
- SRS/CPFIS Investments (e.g. Unit Trusts, Equity, Fund Management, Gold, Fixed Deposits, SSB, SGS, SBB)
Which Are the Participating Banks?
There are seven participating banks powered by SGFinDex.
|OCBC||Your Financial OneView|
|Standard Chartered Bank||Main website|
|United Overseas Bank||One View|
The financial planning applications can be accessed via the platforms listed above.
There are also plans to onboard other financial institutions such as insurers and the Singapore Exchange or Central Depository onto SGFinDex in the near future.
Honestly can’t wait for these additions which would make it a little more complete.
Can I Access These Financial Planning Applications if I Do Not Bank With Any of the Participating Banks?
You will still be able to access the financial planning applications even if you are not a customer of the banks listed above.
You can do so by accessing MyMoneySense, a platform by the Ministry of Manpower to retrieve and view personal financial data from government agencies via MyInfo.
However, if you would like to use a participating bank’s financial planning application or website, you have to be a customer of the bank first.
How Will My Data Be Released From the Banks To SGFinDex?
Say, you have bank accounts with Bank A, Bank B and Bank C.
In order for the information from these banks to be on SGFinDex, you must first authorise the banks to release the data.
To do so:
Step 1: Log in to your bank’s portal (e.g. Bank A) and select the bank’s financial application or webpage. Go through the terms and conditions and accept them to proceed with the authorisation.
Step 2: Log in via SingPass to authenticate yourself and you will be directed to the SGFinDex page with the header “Welcome to SGFinDex”.
Step 3: Click on the ‘Connect Financial Institution’ button to select the bank that you would like to authorise (e.g. Bank B).
Upon clicking, you will be directed to the bank’s portal for authentication.
Step 4: Log in to Bank B’s portal to give your consent for the bank to be linked up for the transfer of personal finance data.
Bank B will be displayed on the SGFinDex page once it’s successful.
Repeat Step 3 and 4 if you’d like to connect Bank C as well.
After consent has been given to release these personal financial data, you can proceed to view your consolidated data on any of the participating bank’s application or website, as well as via MyMoneySense.
Do note that you would not be able to choose specific data to be retrieved once you have given consent for a bank to release your data.
All data listed above will be released.
However, you can disconnect from any bank at any time.
How Long Will My Consent for the Release of My Data Be?
For security reasons, the consent period will last for one year from the time the first consent was given.
For instance, if consent is provided to Bank A on 1 Jan 2021 and Bank B on 1 May 2021, both consents will expire on 31st December 2021.
If you wish to continue releasing data, a re-authorisation is required on 1 Jan 2022.
This one-year validity is for security reasons.
How Safe Is the SGFinDex System?
Given that we will be allowing access to our personal financial data, it is understandable to be concerned about data security.
There are stringent security measures in place to safeguard all personal data that passes through SGFinDex.
Only the platforms that you have authorised to receive your data will be able to decrypt the data.
The authentication and authorisation process is underpinned by SingPass.
In addition, all financial and account information will also be encrypted and is not visible to SGFinDex.
SGFinDex cannot read and will not store your financial data.
How Does This New System Help With My Financial Planning?
By having consolidated data from different financial institutions and government agencies, this system would help in providing a more holistic view for these platforms to help chart users’ financial progress and growth.
For instance, using the DBS NAV Planner, users will be able to project future cash flow, analyse various scenarios and even identify blind spots in their financial planning.
They will also be able to track their investments all at one place.
Users using OCBC’s Your Financial OneView will be able to use tools and nudges that would help make their money work harder and to make better financial planning decisions.
With this information, banks will be able to gain deeper insights into their users and come up with tailored financial plans that would better align with their financial goals.
Would I Use SGFinDex?
In the past, most people had to depend on relationship managers to help with their financial planning.
With the use of data and technology, financial planning has now become a lot more accessible to the masses.
Making our money work harder for us without having to go through complicated means is now a possibility.
With digital tools that are available for us, we can even churn out simulations and projections of our financial goals.
For instance, the collaboration with CPF would give the bank a more in-depth set of data that could help plan our financial future, especially in areas like retirement.
Amazing what technology can do for us these days.