Malayan Banking Bhd (Maybank) is among participating banks of the newly launched Singapore Financial Data Exchange (SGFinDex), which will enable Singaporeans to consolidate their financial information for more effective financial planning, according to a joint statement by the Monetary Authority of Singapore, Smart Nation and Digital Government Group and The Association of Banks in Singapore.

Besides Maybank, the other participating banks of SGFinDex, which was launched today, are Citi, DBS Bank Ltd, POSB Bank, HSBC, OCBC Bank, Standard Chartered Bank and United Overseas Bank Ltd (UOB), according to the statement.

“SGFinDex is the world’s first public digital infrastructure to use a national digital identity and centrally managed online consent system to enable individuals to access, through applications, their financial information held across different government agencies and financial institutions,” the statement said.

Built on Singapore’s National Digital Identity (SingPass), SGFinDex was developed by the public sector in collaboration with The Association of Banks in Singapore and the participating banks, according to the statement.

According to the statement, the participating banks and Singapore’s Ministry of Manpower will provide financial planning applications or websites that users can use to view their consolidated financial data.

The Edge Markets