There’s a big step forward towards open banking in Singapore with the rollout of the Singapore Financial Data Exchange (SGFinDex) – a financial aggregator for your bank accounts, funds, investments and CPF so you can see all your linked account balances across any supported platform.
If you give your consent to the platform, you can share your personal financial data across Citibank, POSB/DBS, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and UOB, plus government agencies like CPF, HDB and IRAS.
SGFinDex at its core
SGFinDex consolidates your financial data across multiple financial institutions and government organizations, so you don’t have to cross-reference multiple bank accounts.
It is built by GovTech and secured by SingPass, and you can choose which financial planning data to enable and share across the platforms.
For example, you can share your savings balances, fixed deposit balances, SRS and CPF-IS holdings, loan balances (e.g. credit cards, housing) plus your CPF account balance and outstanding HDB loan balance and monthly loan instalment.
The platform does not store your financial data and you can only view your financial data (i.e. you cannot perform transactions).