SGFinDex

Yes, the winners are limited to only the first 30,000 participants who complete all the required steps of the Qualifying Activity, and are sent a Winning Transaction EDM by the Bank regarding the cashback.

Any cashback awarded under this Promotion will be credited to the respective account by 30 November 2021.

SGFinDex stands for Singapore Financial Data Exchange. It is a digital infrastructure that enables you to share your financial data from Government agencies (via MyInfo) and private sector organisations (e.g. Bank A) with an organisation (e.g. Bank B) of your choice. This is a joint initiative by the Monetary Authority of Singapore (MAS), the Smart Nation and Digital Government Group (SNDGG), and financial institutions.

SGFinDex is a digital infrastructure linking the various data sources to financial planning applications. With such convenient linkages, you will be able to securely retrieve your personal financial data from multiple data sources and be presented with a comprehensive view of your personal financial position on your preferred financial planning applications/websites.

No. A participating financial planning application/website enables you to view the balance in your bank account(s) but you cannot use it to perform transactions in your bank account(s).

No, you will not be not charged for using SGFinDex via a participating financial planning application/website.

Financial institutions currently participating in SGFinDex are Citi, DBS / POSB, HSBC, Maybank, OCBC, Standard Chartered Bank and UOB. The same 7 participating banks and Ministry of Manpower (MOM) will provide financial planning applications/websites that you can use to view your consolidated financial data.

The Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG) are working on the possibility of onboarding other financial institutions such as insurers and the Singapore Exchange onto SGFinDex.

Data will only be shared through SGFinDex after you provide consent to link your accounts with the participating banks via SGFinDex and request for data retrieval from the linked accounts. SGFinDex does not store or have access to your financial data. Please refer to Question 12: “How do I authorise my banks to release data?”.

No, 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 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.

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.

If the data breach is caused by a participating bank, the participating bank will be responsible and will be required to manage the incident in line with the Personal Data Protection Commission (PDPC)’s Guide to Managing Data Breaches. If the data breach occurs at Ministry of Manpower’s MyMoneySense or at the SGFinDex infrastructure, the Government will be responsible and will manage the incident in line with established protocols (Please visit https://go.gov.sg/SecureSmartNation for more information).

Participating entities that flout data protection laws such as the Personal Data Protection Act (PDPA) will be subject to regulatory action.

You can use MyMoneySense or the participating banks’ financial planning applications/websites to authorise your banks to release data via SGFinDex

You will need a valid SingPass account and a valid Internet Banking account to use the financial planning applications/websites. If you are foreigner, you must update your FIN with your bank(s). If you have recently received your Singapore Permanent Resident status, please update your Singapore NRIC with your bank(s).

Step 1: Log in to the bank’s (e.g. Bank A’s) portal and select the bank’s financial application and/or webpage. Read Bank A’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 redirected to the SGFinDex page with the header “Welcome to SGFinDex”. Step 3: Click on the ‘Connect Financial Institution’ button to select the financial institution that you would like to authorise (e.g. Bank B). You will be redirected to the Bank B’s portal for authentication. Step 4: Log in to Bank B’s portal to give your consent. If successful, Bank B will be displayed on the SGFinDex page as a connected financial institution. Repeat Steps 3 and 4 to authorise other financial institutions. Once completed, select ‘Save and exit’ to be redirected back to Bank A’s portal. Step 5: Your consent for your banks (e.g. Bank B) to release data is now recorded. You can proceed to retrieve and view your consolidated data on any of the participating banks’ (e.g. Bank A) financial planning applications/websites or MOM’s MyMoneySense.

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

Step 2: Click “Go to bank connection page”, and you will be redirected to the SGFinDex page with the header ‘Welcome to SGFinDex’. After consenting to the use of MyMoneySense, select “Government and bank data” and thereafter, you will be directed to the MyInfo Page with the header ‘Welcome to SGFinDex’.

Step 3: Click ‘Connect Financial Institution’ and select the financial institution that you would like to authorise to release your data (e.g. Bank A). You will be redirected to the Bank A’s portal for authentication.

Step 4: Log in to Bank A to give consent to the bank. Read Bank A’s terms and conditions and accept them if you would like to proceed with releasing your data with Bank B. If successful, Bank A will be displayed on the SGFinDex page as a connected financial institution. Repeat Steps 3 and 4 to link up other financial institutions (e.g. Bank B, C). Once completed, select ‘Save and exit’ to be redirected back to MyMoneySense.

Step 5: Your consent is now recorded. You can proceed to retrieve and view your consolidated data on MOM’s MyMoneySense or any of the seven participating banks’ financial planning applications

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 allows you to verify your identity before you can retrieve your personal financial data through SGFinDex.

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

For your security and privacy, an additional login is required to capture your consent to the bank to release your data via SGFinDex.

No, you will not be able to authorise your banks to release data through SGFinDex without internet banking access.

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

Your consent period will last for one year from the time your first consent was provided. For example, if you had provided consent to Bank A to provide your data through SGFinDex on 1st January 2021, and subsequently had provided consent to Bank B on 1st March 2021, all consent (i.e. consent to Bank A and B) will expire on 31st December 2021. You will have to authorise your banks again if you wish to retrieve your data on 1st January 2022.

No. For your security, your consent is set to expire after one year.

No, you cannot choose the expiry date of your consent. Consent provided to the respective banks will expire one year from the day you provide consent to the first bank. However, you can revoke consent for some or all the banks that you have granted consent to before the one-year consent validity period is up. For more information, please contact the respective banks or refer to the “Revocation” section of this document.

If you choose to use a bank’s financial planning application/ website, MyInfo data will always be retrieved when you request to retrieve your banking data from any of the participating banks. 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 bank, you can use the Ministry of Manpower’s MyMoneySense. MyMoneySense is a website independent of banks.

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

You will see data from Bank A and Bank 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. For example, you are identified as an AI in Bank A but not in Bank B and Bank C. Bank A will not be providing your data through SGFinDex. Thus, Bank B and Bank C will not be able to pull your data in Bank A. Nevertheless, you can still use Bank A, B and C’s financial planning applications/ websites to pull and consolidate data from both Bank B and Bank C.

Yes, you will be able to do so after you provide consent using any of your banks’ 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 kept with Bank A cannot be retrieved. Nevertheless, you can still use Bank A, B or C financial planning applications/ websites to pull and consolidate data from both Bank B and Bank C.

As an AI, you can still pull MyInfo (i.e. data stored with government agencies) through SGFinDex using any of the seven participating banks’ financial planning applications/websites and MyMoneySense. If you would like to pull data stored in your banks, you may consider opting out of your AI status with those banks that hold data you wish to retrieve. This will allow your data from those banks to be passed through SGFinDex. Please contact your bank for more information.

Please contact your bank and provide your FIN to your bank. This will enable verification of your identity in your banking records with information retrieved from SingPass.

Please contact your bank and provide your NRIC to your bank. This will enable verification of your identity in your banking records with information retrieved from SingPass.

The data from banks includes: • Current and Savings Accounts (Last 4 months account balance) • Fixed Deposits (Last 4 months account balance) • Credit Cards (Last 4 months statement balance) • Loans (Secured and Unsecured) (Last statement balance) • Unit Trusts (Last month) • Joint Accounts (Last 4 months) Additionally, the following data from DBS/POSB, OCBC and/or UOB will be available: • SRS/CPFIS Cash Balance (Last month) • SRS/CPFIS Investments (e.g. Unit Trusts, Equity, Fund Management, Gold, Fixed Deposits, SSB, SGS, SBB) (Last month)

MyInfo data from government agencies includes: • CPF Account Balances (Ordinary Account/Medisave Account/Special Account/Retirement Account) – For Singaporeans and PRs only (Latest available balance) • HDB Outstanding Loan Balance/Loan Instalment Amount – 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.

Answer No. For simplicity for users, once you have given consent for a bank to release your data, all the data described in questions 33 and 34 will be retrieved when you request for a retrieval of data.

In terms of your personal financial data, currently, only data in MyInfo from government agencies and data from the seven participating banks are available. The inclusion of other data (e.g. insurance, investment) is being explored for future enhancements.

Please refer to question 33: “What are the data that can be retrieved from banks?” for the list of data currently available for retrieval.

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

No, closed account balances and data from closed banking relations will not be displayed.

The information retrieved through SGFinDex represents the month-end balance or statement balance. This may be different from what is displayed in your current bank balance, as your current balance is more recently updated.

In general, month end balances of bank accounts are updated one working day after the close of a month. For example,

• 1 st Jan 2021 is a public holiday. Month end data as of end-Dec 2020 will be updated by 4th Jan 2021, 2359 hrs.
• 1 st Feb 2021 is a weekday. The data as of end-Jan 2021 will be updated by 1st Feb 2021, 2359 hrs. MyInfo data from government agencies is updated on real time basis:
• CPF and HDB data retrieved via SGFinDex is the same as what you see when you log in to the CPF and HDB website respectively.
• The NOA displayed is the latest available NOA. If you last worked in 2018, the data that will be released will be from your NOA for 2019.

Currently, only the following banks are providing data through SGFinDex: DBS / POSB, HSBC, Maybank, OCBC, Standard Chartered Bank, and UOB. Please refer to question 33: “What are the data that can be retrieved from banks?” for the list of data from these banks that are currently available for retrieval. If data from one of these banks is missing, please contact the affected banks for assistance.

Answer Please refer to question 33: “What are the data that can be retrieved from banks?” for the list of data that are currently available for retrieval. If data from one of these banks is missing, please contact the affected banks 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 account balance will be reduced within a few days after the withdrawal 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 account balance will be increased within a few days after the sales of the investment. 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 have different quotations for spot rates of gold (similar to FX), the portfolio value of gold 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 amount reported represents the total premium paid for insurance bought with SRS and CPFIS funds.

You may revoke your consent through any of the following ways: For users of MyMoneySense (1) Log in to MyMoneySense via SingPass, then navigate to the data settings section, and follow the on-screen instructions to initiate the revocation of consent For users of banks’ financial planning applications/ websites (2) For Banks with Service Consumer Apps: Log in to your bank’s SGFinDex landing page, then navigate to the revoke section, and follow the on-screen instructions to initiate the revocation of consent