A few fintech startups have tried and never got much traction, and 20 years into the new millennium had to pass before we finally got a way to view all our financial information in one place. To be fair, this is the sort of thing that needs the buy-in from major banks and financial institutions, and few entities would have as much sway as MAS, Singapore’s financial regulator itself.
What is SGFinDex?
We finally have some semblance of such convenience. SGFinDex (Singapore Financial Data Exchange) is a joint initiative by Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG), with the support of Ministry of Manpower (MOM). The alphabet soup of acronyms means that this is highly official and government led, which is possibly the only way such a thing would ever take off, although this may or may not turn you off depending on your political views.
With this service, you can view your information from multiple financial institutions in a single interface, and most major banks are on board, along with some government bodies:
You are able to link your internet banking accounts by inputing your login credentials, although not all of the banks currently provide a way to display SGFinDex information. Currently, you are only able to view such info on DBS, StanChart, or OCBC’s internet banking platforms, or through the government’s MyMoneySense website.
What info is shown?
For science (and $5; see below for more details), I decided to link a few banks to the service, and am now able to see my CPF balances, bank accounts, home loan and credit card balances all in one page.
It’s all pretty neat, except it’s quite annoying – and a little sad really – how data needs to be manually synced. You have to press update, log into your SingPass, and then click another Agree button for things to be pulled and updated.
I don’t want to complain too much, since this initiative is still a step in the right direction, and as someone who has 20 over cards at any one point of time, such a consolidated interface is incredibly convenient. Unfortunately, while I can now see the balances on multiple banks’ credit cards on a single page, I can’t see the payment due dates which seems like a really basic piece of info to have.
In future, there are plans to roll out information on insurance policies and stock holdings, and I cannot wait for this platform to mature and improve.
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We all love a promo, especially when it’s as easy as this one. Be the first 30,000 participants to set up your SGFinDex with StanChart and you get $5 cashback. You just need to complete the following steps:
- login via Standard Chartered Mobile App or Standard Chartered Online Banking
- register for SGFinDex;
- link Standard Chartered data to SGFinDex;
- link another financial institution’s data to SGFinDex; and
- refresh and update your data which is published on SGFinDex.
(While SGFinDex rolled out a few days ago, I spotted this promo stating 7th December as the start date and told my Telegram group to hold off first. Pays to join my Telegram group! 😉)
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