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3 Ways SGFinDex Is Going To Change Your Personal Finance

Recently, the Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG) launched the Singapore Financial Data Exchange (SGFinDex).

It is the MAS’ first step towards an Open Banking environment where data is shared amongst all the financial institutions to benefit you. SGFinDex is touted to be a gamechanger because it removes friction points in the financial services industry that bogged down one’s ability to make better financial plans.

For anyone with a SingPass, here are 3 ways in which SGFinDex is going to change and upgrade your personal finance game.

  1. SGFinDex Aggregates All Your Financial Data In One Place

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Source: MAS

SGFinDex is a public infrastructure that lets you combine all your financial data into a single location. By giving consent to SGFinDex, you can bring the following personal data into a single platform:

  • Savings account balance
  • Credit card balance
  • Loan balance
  • Unit trust
  • CPF Investment Scheme / Supplementary Retirement Scheme (SRS) holdings
  • CPF Accounts (Ordinary, Special, MediSave, Retirement)
  • IRAS yearly assessable income
  • HDB loan outstanding amount and monthly instalment

With SGFinDex, you no longer have to waste time creating your own spreadsheet just to keep track of where your money is going.

  1. Power Up Your Financial Planning From Spreadsheet To Sophisticated Apps

We live in a world where everything can be powered by an app. Sadly, the problem is that your financial data is all over the place. You need to manually input them into the financial planning app before you can do more financial planning.

Now, with SGFinDex, it eliminates that problem. You can simply hook up all your financial data into your ibanking app and use the bank’s financial planning tool to power up your financial planning.

Here are some of the financial planning tools that you can find from each of the bank. And the cool thing is that you don’t have to stick to any one bank. You can even tap onto multiple financial planning tools from different banks to help you better plan your finances.

Bank Financial Planning Tool
DBS/POSB NAV Planner
OCBC Your Financial OneView
United Overseas Bank One View
MyMoneySense
Citibank Main website
HSBC FinConnect
Maybank MView
Standard Chartered Bank Main website

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Source: MyMoneySense

Even if you don’t bank with any of the seven banks listed above, you can also leverage MyMoneySense, which is launched by the Singapore government and not tagged to any of the banks.

  1. Shift From Consolidating To Investing

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Source: DBS

SGFinDex takes all the hard work taken out of the equation and gives you more time and energy to think about the next level of personal finance: Investing.

Banks like DBS and OCBC are expecting growth in the use of its financial planning tool and prompt more consumers to start thinking about investing. That’s because SGFinDex gives consumers the ability to obtain holistic, detailed data on your financial assets and liabilities.

With the holistic view, you can better identify income gaps for your own retirement and where you can invest to plug those income gaps.

Take Your First Step With SGFinDex; But Seek Professional Help If You Need

The introduction of SGFinDex to move towards Open Banking to democratise data and give consumers like us more control over our data is definitely a move to be lauded.

For the uninitiated, tapping onto SGFinDex is a good first step towards making better financial decisions.

Financial Planning Can Still Be Complex For Some

That said, personal finance and financial planning can sometimes be more complex than just aggregating your spending data together. Sometimes, the challenge is that you don’t know what insurance, saving plans or investments are suitable for your needs.

As such, you might still need an experienced and trustworthy professional to guide you towards financial freedom in the unknown future. And if that’s what you need, reach out to the Moneyline team with your burning questions and we will do our best to help you in your journey towards financial freedom.

Preference For Face-To-Face Financial Advisory

While many of the banks’ advisory tools are powered by artificial intelligence (AI), the prevalent trend among consumers is that there is still a desire to connect with a human. Some of us might prefer to connect with a human wealth advisor to guide you in your financial decisions face-to-face.

If you are looking for a face-to-face interaction to guide and advise you on your financial decisions, Moneyline.SG is here to help. Simply drop us a call or email and we can help you in your financial freedom journey

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