Ultimate guide to SGFinDex – Is It Secure?
Have you ever once felt annoyed from having to open several apps to check for your financial statements in the different banks?
Fret not, financial planning is now made easier with SGFINDEX. It is a platform which allows the consolidation of financial information through participating banks and mymoneysense. It is a secure and trusted platform as you will have to use Singpass in order to login.
Here are the banks which are in collaboration with mymoneysense:
Who and what is mymoneysense?
Mymoneysense is a Singapore government backed financial education programme which aims to help Singaporeans manage their money well, and make sound financial decisions on their own.
If you have not already realised, the resources on this website are super useful! Check out their various financial calculators such as Savings, budget calculator!What is SGFINDEX?
Only after given consent, Singaporeans can pool all their financial datas such as credit cards, investments, loans and bank balances from across all the participating banks.
In addition, users are also able to retrieve information from government agencies on just this platform: Central provident fund, Inland Revenue Authority of Singapore and the Housing Board.
How does it work?
Go to mymoneysense website.
Login using your Singpass.
Follow their instructions. You will be given an option to either connect only your government data or both government as well as bank data.
You will then be redirected to this following page and you can add the relevant bank datas after verifying your account.
As you can see, it is also possible to disconnect your bank if you feel uncomfortable having another party collecting your data.
Finally this is what you will see on your dashboard.
You can then proceed to build your very own dashboards!
Such function is also available on all the mobile applications of the participating banks!
For instance, I use POSB and I can access all of my other (participating) banks information on my POSB app!
FAQs!
Do I need to pay for this platform?
Ans: Nope, not as of now!
How long will my data be shown on this platform?
Ans: You will have to give consent to the respective banks every year. For instance, if you allow DBS to share information on 2 Jan 2020, subsequently you allow UOB to share your information on 3 April 2020, your consent will only be valid till the end of 2020.
Is this platform safe?
Ans: I would choose to believe that it is rather safe since this is a government handled platform. There are also stringent security measures to safeguard personal data that passes through SGFinDex. This platform only transmits information and does not store them. In addition, Singpass has to be used for authentication and authorisation.
How secure and private is sgfindex?
All data transmitted is encrypted and can be read only on the financial planning applications or websites that a user has chosen to authorise to receive the data. In the event of a data breach, circumstances leading to the incident will decide who is held accountable.
No, other participating financial planning applications/websites will not be able to retrieve your data without your consent.
A participating financial planning application/website will need to obtain your consent each time to retrieve your data after you log in to the application/website.
Data will only be retrieved upon your instruction to do so, even if you had previously authorised your banks and government agencies to release your data through SGFinDex.
What is coming up for SGFinDex?
Singaporeans or anyone with Singpass, can be able to access information on their insurance policies held with insurers and their holdings stocks at the Central Depository.
Success of SGFinDex?
SGFinDex is the world’s first system which relies on consent and a national digital identity to allow its citizens to access a consolidated view of their financial information.
There is a great potential for SGFinDex as people become more accustomed to digital banking services.
However, the biggest obstacle now is to gain the trust of the public for there to have a high adoption rate. Any mishap that happens during this starting phase will cause a huge reduction in faith for such application.
All in all, as a consumer, I think that such a platform is especially helpful for me when I have my deposits spread across several banks. With covid hitting hard on the economy, SGFinDex is also introduced at an appropriate timing where many see a need for a neutral financial planning portal.
As an undergraduate, I can also make use of this portal to up my financial knowledge.
I am also excited to see how this platform will grow to include more financial services and possibly include billing/service organisations like Telco and electricity companies!
NEW digital bank is coming! Watch video if DBS/OCBC/UOB should be worried or NOT!
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