S’porean Can View All Their Bank and Investment on a Single Platform App
Singaporean can rejoice now as there will be a platform where they can view all their funds, banking account and investment in one online platform where the Singapore Financial Data Exchange (SGFinDex) is an online platform which will prove this service to all Singapore in which they can now view their consolidated personal financial data across seven banks – Citibank, POSB and DBS Bank, HSBC, Maybank, OCBC, Standard Chartered, and UOB – and three government agencies: the Central Provident Fund Board, Housing Board, and Inland Revenue Authority of Singapore.
This open banking is a practice of providing 3rd party financial service provides with access to consumer banking, transaction and other financial data from banks and non-bank financial institutions. This platform works simply by the user of SGFInDex will be a director to the SingPass login page and there they can select the financial institutions they would like to be connected where data of their current and savings account balances, unit trust holdings, CPF Investment Scheme and Supplementary Retirement Scheme (SRS) accounts and holdings, and loan outstanding balances, among others, will be viewable in this platform.
However, the bank website stated that for a security measurement, this platform does not store or have access to users’ financial data and the user is now allowed to perform any transaction through the platform for security reason. Where this platform is merely a platform where a consumer can preview their current financial status in which it will help to make the financial planning involving savings, borrowing, investment and retirement much easier in the future.