The Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG) have launched the second phase of the Singapore Financial Data Exchange (SGFinDex). Individuals can now view information on their investment holdings at The Central Depository (CDP). This is as a part of their consolidated financial position. Also, this is via participating banks’ financial planning applications and MyMoneySense, which is a free government financial planning digital service.
Since its inception on 7 December 2020, SGFinDex has spurred financial planning among participating bank customers. This is with over 150,000 unique users sign ups, 290,000 bank accounts linked and 620,000 data retrievals made. CDP’s participation in SGFinDex expands the range of financial information. Individuals are provided with a more comprehensive view of their financial positions. The inclusion of CDP information in SGFinDex was achieved through close collaboration with the Singapore Exchange (SGX), participating banks and the Association of Banks in Singapore (ABS).
Individuals can look forward to accessing information on their insurance policies through SGFinDex as well. Mr Lim Tuang Lee, is the Assistant Managing Director of Capital Markets, MAS said that the inclusion of CDP data in SGFinDex is an important step to providing Singaporeans with a more holistic view of their financial portfolio.
Mr Kendrick Lee, Director, National Digital Identity, Government Technology Agency (GovTech) added that they are delighted that the close partnership SNDGG has with their industry partners has equipped Singaporeans with more robust digital solutions for their financial needs. They seek to expand on such initiatives to drive and improve consent-based data-driven innovations and build trusted online ecosystems for better lives in Smart Nation Singapore.
Mr Daniel Hildebrand, Head of Digital & Depository Services, SGX said that the CDP provides integrated clearing, settlement and depository services for a wide range of products in Singapore’s securities market. Its data form a critical part of investors’ overall financial portfolio. They are supporting their account holders to better view and plan their finances by providing CDP data through SGFinDex, which is a platform offered jointly by MAS and SNDGG for enabling the individuals to improve their financial planning.