The Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG) are working with the industry to onboard other financial institutions onto SGFinDex.

Data will be shared through SGFinDex only with your consent. Specifically, your consent will be needed (a) for data contributors (i.e., banks, SGX CDP and insurers) and Government agencies (via Myinfo) to release data via SGFinDex and (b) for the participating financial planning applications/websites to retrieve data via SGFinDex.

Your financial and account information will be encrypted and is not visible to SGFinDex. SGFinDex cannot read and will not store your financial data.

Please refer to Question 13: “How do I authorise my financial institution to release data?”

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 for the application/website to retrieve your data.

Data will only be retrieved upon your instruction to do so, even if you had previously authorised Bank A, SGX CDP, Insurer A and Government agencies (via Myinfo) to release your data through SGFinDex.

When you give an instruction or consent to a Participant to make your data available through SGFinDex, you also consent for your data to be used by officers, employees, authorised agents/representatives (e.g., Tied Agents / Financial Adviser Representatives related to your selected Financial Institution) and/or professional advisers of your selected Financial Institution for the purpose of offering Financial Planning Services to you.

If you wish to revoke your consent, you can submit a revocation. For more information on how to revoke your consent, please contact the respective financial institution or refer to the “Revocation of Consent” section of this document.

Please refer to the Terms and Conditions Governing Use of Singapore Financial Data Exchange for full list of purposes.

There are stringent security measures in place to safeguard your personal data that passes through SGFinDex. Your data is encrypted when it is retrieved through SGFinDex and only the financial planning application/website(s) that you have authorised to receive your data is able to decrypt the data. The authentication and authorisation process is underpinned by Singpass.

This is dependent on the circumstances leading to the data breach. If it is determined that the data breach is caused by a participating entity, that participating entity will be responsible.
Under the Personal Data Protection Act, an organisation that is in breach of any data protection provisions may be liable to a penalty of up to $1 million or 10 per cent of local annual turnover (for organisations whose turnover exceeds S$10 million), whichever is higher.

If it is determined that the data breach occurred at MyMoneySense or at the SGFinDex infrastructure, the Government will be responsible and will perform the necessary incident containment, forensic investigations and recovery actions in line with established protocols (Please visit https://go.gov.sg/SecureSmartNation for more information). Under the Public Sector (Governance) Act, public officers who recklessly or intentionally disclose data without authorisation or misuse the data for a gain may be found guilty of an offence and may be subject to a penalty of $5,000 or imprisonment of up to 2 years, or both.

Participating entities that flout data protection laws such as the Personal Data Protection Act (PDPA) will be subject to regulatory action. Under the Personal Data Protection Act, an organisation that is in breach of any data protection provisions may be liable to a penalty of up to $1 million or 10 per cent of local annual turnover (for organisations whose turnover exceeds S$10 million), whichever is higher.

You can use MyMoneySense (https://www.mymoneysense.gov.sg) or the participating financial planning applications/websites to authorise your financial institutions and Government agencies (via Myinfo) to release data via SGFinDex.

You will need the following before you can use any of the participating financial planning applications/websites to retrieve SGFinDex data:
(a) a valid Singpass account; and
(b) a verified account with the participating financial institution for the use of their online service

If you are a foreigner or have recently received your Singapore Permanent Resident status, you may wish to update your personal particulars with the participating financial institutions.

AIA Singapore, Income, Prudential Singapore, Singlife, SGX CDP and MOM’s MyMoneySense allow the use of SingPass as login credentials to connect to SGFinDex.

The rest of the financial institutions require users to login using their own credentials.

If you are not a customer of the participating financial institutions, you can access the MyMoneySense (https://www.mymoneysense.gov.sg) using your Singpass to retrieve and view your personal financial data available in Myinfo. You can also use MyMoneySense to manually enter other personal financial data.

If you would like to use a participating financial institution’s financial planning application/website, you could do that by establishing a relationship with the participating financial institution first.

Step 1: Log in to your financial institution’s (e.g., Bank A’s, Insurer A’s) portal and select their financial application/ webpage. Read the financial institution’s terms and conditions and accept them if you would like to proceed with the authorisation.

Step 2: Log in via Singpass to authenticate yourself and you will be directed to the SGFinDex page.

Step 3: Select the data contributors that you would like to authorise (e.g., Bank B, SGX CDP, Insurer B). You will be directed to portal of Bank B, SGX CDP, or Insurer B for authentication.

Step 4: Log in to the portal of Bank B, SGX CDP or Insurer B to give your consent for Bank B, SGX CDP or Insurer B to set up a linkage to facilitate the transfer of your personal financial data. Read terms and conditions of Bank B, SGX CDP or Insurer B, and accept them if you would like to proceed with releasing your data with Bank B, SGX CDP or Insurer B. If successful, Bank B, SGX CDP or Insurer B will be displayed on the SGFinDex page as connected entities.

Repeat Steps 3 and 4 to authorise other data contributors (e.g., Bank C, Insurer C). Once completed, select ‘Return to previous page’ to be redirected back to Bank A’s or Insurer A’s portal.

Step 5: Your consent for data contributors (i.e., Bank B, Bank C, SGX CDP, Insurer B, Insurer C) to release your personal financial data is now recorded. You can proceed to retrieve and view your consolidated data on any of the participating banks’ (e.g., Bank A, Insurer A) financial planning applications/websites and MOM’s  MyMoneySense (https://www.mymoneysense.gov.sg).

Step 1: Visit https://www.mymoneysense.gov.sg and log in via Singpass.

Step 2: After consenting to the use of MyMoneySense and arriving on the dashboard, click on ‘Set up quickly with SGFinDex’.

Step 3: On the data retrieval page, select ’Government and selected bank, SGX CDP or insurance data’ and thereafter, you will be directed to the Myinfo Page with the header ‘Welcome to SGFinDex’.

Step 4: Select the data contributors that you would like to authorise (e.g. Bank A, SGX CDP or Insurer A). You will be directed to the portals of Bank A, SGX CDP, or Insurer A for authentication.

Step 5: Log in to the portals of Bank A, SGX CDP or Insurer A to give consent for Bank A, SGX CDP, or Insurer A to set up a linkage to facilitate the transfer of your personal financial data. Read the terms and conditions of Bank A, SGX CDP, or Insurer A and accept them if you would like to proceed with releasing your data with Bank A, SGX CDP, or Insurer A. If successful, Bank A, SGX CDP or Insurer A will be displayed on the SGFinDex page as connected entities.

Repeat Steps 4 and 5 to authorise other data contributors (e.g., Bank B, Insurer B). Once completed, select ‘Return to previous page’ to be redirected back to MyMoneySense.

Singpass is the national digital identity that enables users to access online services from the Government and private sectors easily and securely. The Singpass authentication system verifies the identity of the user before allowing personal financial data to be retrieved through SGFinDex.

Singpass is required for the use of SGFinDex. Eligible users without a Singpass account may register for Singpass at https://www.singpass.gov.sg.

For your security and privacy, an additional login at the portal of your financial institution is required to allow the financial institution to capture your consent before releasing your data via SGFinDex.

No, you will not be able to authorise your financial institution to release data through SGFinDex without internet login access to them.

This could be due to various reasons, including technical issues and access restrictions based on where you are accessing it from. Please contact your financial institution for assistance.

Your Initial Consent Period

Your consent period will last for one year from the time your first consent was provided to any participating entity to provide your data through SGFinDex, even if you later provide consents to other participating entities within such one-year period. This is assuming you do not request to retrieve your data from any participating entity from 1^st November 2023 and before the end of such one-year period.

For example, if you had provided your first consent to Bank A to provide your data through SGFinDex on 1^st November 2023, and subsequently had provided consent to Bank B on 1^st January 2024, both consents (i.e., consents to Bank A and B) will expire on 31^st October 2024 (i.e. one year from 1^st November 2023), assuming you did not request to retrieve your data from any participating entity before 31^st October 2024.

Activity-Based Consent Renewal

From 1^st November 2023, if you request to retrieve your data within the one-year period from the time your first consent was provided, your consent period will be automatically extended to expire one year after the date of such request from any financial institution whose system supports such extension¹.

Continuing from the first example above, if you request to retrieve your data from any participating entity at any time between 1^st November 2023 and 31^st October 2024 (e.g. on 5^th November 2023), both consents (i.e., consents to Bank A and B) will be automatically extended for an additional one year from 5^th November 2023 and will expire on 4^th November 2024¹.

¹ Before 1^st December 2023, (a) should you give an instruction to retrieve your data from HSBC Bank or Standard Chartered Bank through any financial planning application/website, your data may not be returned from HSBC Bank or Standard Chartered Bank, and your consent period may not be extended by HSBC Bank or Standard Chartered Bank; and (b) should you give an instruction to retrieve your data through HSBC Bank’s, Standard Chartered Bank’s, United Overseas Bank’s or CPF Board’s financial planning application/websites, your data may not be returned from all financial institutions and your consent period may not be extended by all financial institutions, until the respective system deployment date of HSBC Bank, Standard Chartered Bank, United Overseas Bank or CPF Board (as the case may be). For enquiries, please contact HSBC Bank, Standard Chartered Bank, United Overseas Bank and CPF Board respectively.

No. To preserve data security, your consent is set to expire after one year. Please refer to Question 23.

No, you cannot choose the expiry date of your consent. Please refer to Question 24.

However, you can revoke consent for some or all the financial institutions that you have granted consent to before the one-year consent validity period is up. For more information on how to revoke your consent, please contact the respective financial institution or refer to the “Revocation of Consent” section of this document.

No. Myinfo data will always be retrieved when you request to retrieve your data via SGFinDex. This is to provide you with a consolidated overview of your personal financial health.

If you do not wish to share your Myinfo data with your financial institution, you can use the MyMoneySense (https://www.mymoneysense.gov.sg). MyMoneySense is a     website independent of banks and insurers.

Yes, you are able to, provided you give consent to FI C to retrieve your financial data in FI A and B through SGFinDex¹ .

Myinfo data will always be retrieved when you request to retrieve your data via SGFinDex.

¹ Before 1^st December 2023, should you give an instruction to retrieve your data through HSBC Bank’s, Standard Chartered Bank’s, United Overseas Bank’s or CPF Board’s financial planning application/websites, your data may not be returned from all financial institutions and your consent period may not be extended by all financial institutions, until the respective system deployment date of HSBC Bank, Standard Chartered Bank, United Overseas Bank or CPF Board (as the case may be). For enquiries, please contact HSBC Bank, Standard Chartered Bank, United Overseas Bank and CPF Board respectively.

Answer You will see data from FI A and FI B in MyMoneySense, in addition to Myinfo data.

No. If you are identified as an AI or opted in to be an AI with a bank (e.g., Bank A), Bank A will not provide your data (including accounts where you are a joint account holder) through SGFinDex. As a result, your data kept with Bank A cannot be retrieved.

Yes, you will be able to do so after you provide consent using any of your financial institutions’ financial planning applications/websites or MyMoneySense.

Yes, you can retrieve personal financial data kept with Bank B and Bank C through SGFinDex. However, as you are identified as an AI with Bank A, Bank A will not be providing your data (including accounts where you are a joint account holder) through SGFinDex. As a result, your data with Bank A cannot be retrieved.

Nevertheless, you can still use Bank A, B or C financial planning applications/ websites to retrieve and consolidate data from both Bank B and Bank C, in addition to your Myinfo data.

This could be due to various reasons, including technical issues, outdated personal particulars (e.g., if there is a change in identification number, please update your FIN with your financial institution), etc.

Please contact your financial institution for assistance.

This could be due to various reasons, including technical issues, outdated personal particulars (e.g., if there is a change in identification number, please update your NRIC with your financial institution), etc.

Please contact your financial institution for assistance.

Myinfo data from government agencies minimally includes:

• CPF Account Balances (Ordinary Account/Medisave Account/Special Account/Retirement Account) – For Singaporeans and PRs only (Latest available balance)

• HDB Outstanding Loan Balance/Monthly Loan Instalment – For individuals with HDB loans only (Latest outstanding balance)
• Yearly assessable income from IRAS Notice of Assessment (NOA) – For individuals with income assessment only (Latest available NOA) (e.g., If you had last worked in 2018, the data that will be released will be from your NOA for 2019.)

A full list of Myinfo data which your respective participating financial institution or MOM’s financial planning application/website is authorised to retrieve can be found on the SGFinDex page where you provide consent to the retrieval of data.

The data from banks includes:

• Current and Savings Accounts (Month-end account balance for the last 4 months)
• Fixed Deposits (Month-end account balance for the last 4 months)
• Credit Cards (Last 4 months statement balance)
• Loans (Secured and Unsecured) (Previous month’s statement balance)
• Unit Trusts (Previous month’s account balance)
• Joint Accounts (Month-end account balance for the last 4 months)

Additionally, the following data from DBS/POSB, OCBC and/or UOB will be available:

• SRS/CPFIS Cash Balance (Previous month’s account balance)
• SRS/CPFIS Investments (e.g., Unit Trusts, Equity, Fund Management, Gold, Fixed Deposits, SSB, SGS, SBB) (Previous month’s account balance)

The data from SGX CDP includes previous month-end balances of:

• Equities – Shares, REITs/Trusts, Stapled Securities, Depository Receipts, Loan Stocks
• Bonds – Corporate Debt, TBond, TBill
• Unit Trusts – ETF
• Structured Products – Structured Warrants
• Others – Rights, Preference Shares, Funds, Plain Warrants

Note: The above classification is based on SGX CDP’s categorization. However, the categorization may be different in your financial planning applications/websites.

No. To provide simplicity for users, once you have given consent for a financial institution to release your data, all the data from that financial institution described in Question 35 (if you gave consent to a bank), Question 36 (if you gave consent to SGX CDP). Question 37 (if you gave consent to an insurer) will be retrieved when you request for a retrieval of data. Myinfo data from government agencies described in Question 34 will also be included in all data retrievals.

In terms of your personal financial data, currently, only data in Myinfo, data from the seven participating banks, SGX CDP and seven participating insurers are available.

There are also plans to include other data in future enhancements.

Please refer to Question 35: “What are the data that can be retrieved from the banks?”, Question 36: “What are the data that can be retrieved from SGX CDP?” and Question 37 “What are the data that can be retrieved from the insurers?” for the list of data currently available for retrieval.

If your account seems to fall within the information described in Questions 35 – 37, but you are still unable to view the data, please contact your financial institution for further assistance.

Each financial planning application/website will have its own display interface.

For banking data, closed account balances and data from closed banking relations will not be displayed.

For SGX CDP data, in the month in which the account is closed, the previous month-end account balances will be shown. In subsequent months, the account balances of closed accounts will be shown as 0.

For insurance data, only active individual health and life insurance policies will be displayed. All other policy statuses will not be displayed.

The information retrieved through SGFinDex represents the month end account balance or statement balance. This may be different from what is displayed in your current bank/SGX CDP balance/policy details, which may be more updated.

In general, month-end balances or statement balances of bank and SGX CDP accounts are updated on SGFinDex one working day after the close of a month.

For example,

• ¹st Jan 2021 is a public holiday and 2nd, and 3rd Jan 2021 is the weekend. Month-end bank and SGX CDP data as of end-Dec 2020 will be updated by ⁴th Jan 2021, 2359 hrs.
• ¹st Feb 2021 is a weekday. The data as of end-Jan 2021 for banks and SGX CDP data will be updated by ¹st Feb 2021, 2359 hrs.

For insurance data, the policy details from HSBC Life are updated daily. Month-end policy details from all other insurers would be updated on SGFinDex by the 7th day (inclusive of weekend and public holiday) after the close of a month. However, this may be subject to certain exceptions (e.g., delay in data being refreshed).

For data via Myinfo, the following applies:

• The CPF and HDB data retrieved via SGFinDex is the same as what you see when you log in to the CPF and HDB websites, respectively.
• The IRAS NOA displayed is the latest available NOA. If your last NOA is the NOA for 2019 (for work done in 2018), the data that will be released will be from your NOA for 2019.

This could be due to technical issues or access restrictions. Please contact the affected participating entity (Bank B) for more information.

Currently, only SGX CDP and the following banks and insurers are providing data through SGFinDex:
DBS / POSB, HSBC, Maybank, OCBC, Standard Chartered Bank, Citi, UOB,
AIA Singapore, HSBC Life, Great Eastern, Manulife Singapore, Income, Prudential Singapore and Singlife.

If data from one of these financial institutions is missing:

• Please refer to Question 35: “What are the data that can be retrieved from banks?” for the list of data from these banks that are currently available for retrieval.
• Please refer to Question 36: “What are the data that can be retrieved from SGX CDP?” for the list of data from SGX CDP that are currently available for retrieval.
• Please refer to Question 37: “What are the data that can be retrieved from insurers?” for the list of data from these insurers that are currently available for retrieval.
• Please refer to Question 29 if you are an accredited investor.

If you need further assistance, please contact the affected financial institution.

Please refer to Question 35: “What are the data that can be retrieved from banks?” for the list of data from these banks that are currently available for retrieval.
Please refer to Question 36: “What are the data that can be retrieved from SGX CDP?” for the list of data from SGX CDP that are currently available for retrieval.
Please refer to Question 37: “What are the data that can be retrieved from insurers?” for the list of data from these insurers that are currently available for retrieval

If data from one of these financial institutions is missing, please contact the affected participating entity for assistance.

The balance displayed in OA and/or SA funds is updated based on the latest transactions, while banks are providing historical data (as of last month-end) for your investment purchases.

Hence, for purchases with OA and/or SA, you will notice that your OA and/or SA fund balance will be reduced within a few days due to the withdrawal of funds to purchase the investment. However, the investment holdings purchased will only be updated in the next month, leading to a lower asset value this month.

The balance displayed in OA and/or SA funds is updated based on the latest transactions, while banks are providing historical data (as of last month-end) for your investment sales.

Hence, for sales with OA and/or SA, you will notice that your OA and/or SA fund balance will be increased within a few days after the sales of the investment due to the crediting of the sales proceeds. However, the investment holdings sold will only be updated in the next month, leading to a higher asset value this month.

A gold portfolio value is calculated based on the spot rate of gold. As each bank and Ministry of Manpower uses different quotations for spot rates of gold (similar to FX), the portfolio value of gold shown across the different financial planning applications/ websites may be different.

The value shown on CPFB reflects the purchase value whereas the value shown on financial planning application/websites reflects the market value of your gold holdings. The market value of your gold holdings may have increased or decreased as compared to the purchase value.

The interest rate shown on the participating financial planning applications/websites is the SSB’s interest rate at issuance. Users will need to refer to the SSB website for the applicable

interest rates in subsequent years.

For SGS Bonds, market value is provided in SGFinDex.

For SSB, the market value may be derived by adding the par value (shown as Market Value via SGFinDex) and Accrued Interest (obtainable from https://eservices.mas.gov.sg/ssb/calculator)

No, the SGX CDP data will only show the investments under your SGX CDP direct account. If you have shares that are custodised outside your SGX CDP direct account, it will not be reflected.

The SGX CDP information retrieved through SGFinDex represents the month end account balance. This may be different from what is displayed on your SGX CDP portfolio in SGX Investor Portal which is more updated.

If there is missing data, it could be due to a technical issue. Please contact the entity providing the financial planning applications/websites for further assistance.

Upon revocation of your consent for a Data Contributor, updated financial data from the Data Contributor will no longer be retrievable through SGFinDex from the financial planning applications/websites of the seven participating banks, seven participating insurers, MOM and CPFB.

Past financial data from the Data Contributor (e.g., Bank A, Insurer A) and Myinfo data that had been retrieved using the financial planning applications/websites of the other financial institutions (e.g., Bank B, Insurer B) and/or MOM will however not be deleted from their (e.g., Bank B, Insurer B) databases and thus you may still see the financial data previously retrieved on the financial planning applications/websites (e.g., Bank B, Insurer B).

Data is not deleted because financial institutions need to comply with data retention requirements. Financial institutions and/or MOM may also use past data to respond to queries, feedback and complaints from the customer in relation to services which financial institutions and/or MOM had provided based on the data.

Please contact your financial institutions or MOM if you have any further questions.

You may revoke your consent through any of the following ways:

For users of MyMoneySense
(1) Log in to MyMoneySense (https://www.mymoneysense.gov.sg) via Singpass, then navigate to the settings section, and under ‘Manage SGFinDex connections to the banks, SGX CDP and insurers’, click on ‘Go to SGFinDex page’ to initiate the revocation of consent.

For users of financial institutions’ financial planning applications/ websites
(2) Log in to your financial institution’s SGFinDex landing page, and follow the on-screen instructions to initiate the revocation of consent. Please reach out to the relevant financial institution for further details.

Myinfo data can only be shared through SGFinDex with your explicit consent, at each data retrieval request.

Having Myinfo data, together with data from your financial institution(s), provides better insights to help you achieve holistic financial planning.

If you do not wish to share your Myinfo data with your financial institution,  MyMoneySense (https://www.mymoneysense.gov.sg) is a free Government financial planning tool that you can tap on to obtain a consolidated view and plan your finances.