Banks, insurers see more customers using SGFinDex for financial planning

SINGAPORE – More people here are using the Singapore Financial Data Exchange (SGFinDex) to get a clearer picture of where their money is and what it is doing.

The number of SGFinDex users grew to more than 400,000 by end of 2024, from 120,000 in 2021. 

SGFinDex, which was launched in December 2020, allows individuals to use their Singpass to retrieve personal financial information such as deposits, insurance policies and Central Provident Fund (CPF) balances from different institutions and consolidate it for a comprehensive view of their portfolios.

There are now seven banks, seven insurers and SGX-CDP participating in SGFinDex. SGX-CDP is a holding account for all the securities an individual has bought in the Singapore market.

Participating financial institutions are also reaching out to their customers to promote the use of SGFinDex, said the Monetary Authority of Singapore (MAS).

Ms Ng Lee Peng, OCBC’s head of digital business for Singapore, told The Straits Times that since SGFinDex’s launch in 2020, more than 250,000 customers have synced and consolidated their financial information through the service via the OCBC Financial OneView tool.

Each month, the bank reminds customers to sync their financial information to aid them in portfolio planning, Ms Ng said.

“In 2024, we noticed a 36 per cent year-on-year increase in customers investing after consolidating all their financial information with us,” she added.

Mr Gourab Kundu, head of digital growth for Asia South at Citi Wealth, said the bank has noted that customers who use SGFinDex gain meaningful insights into their overall financial position, such as discovering opportunities to optimise their insurance coverage or diversify their investment portfolios.

“As financial planning needs evolve, we anticipate customers will continue to leverage SGFinDex alongside other digital banking capabilities to support their comprehensive financial journey,” added Mr Kundu.

A 46-year-old architect, known only as Madam Chua, said SGFinDex provides her with a one-stop view of all her account balances, investments and insurance coverage across different providers via her DBS banking app.

“This is quite useful for me in planning my finances and for retirement as it consolidates my CPF holdings as well,” she added.

Insurance companies have also reported an increase in the number of customers using SGFinDex after the platform was expanded to include insurance policies in November 2022.

Prudential Singapore clients can see a unified view of their health, wealth and other insurance policies held with different participating insurers.

This makes it easier for them to identify insurance protection gaps or overlaps without having to manually track multiple accounts to see policy details.

Great Eastern said it has seen nearly a sevenfold increase in sign-up volume for SGFinDex since the insurer integrated it in the Great Eastern app in 2022.

Enhancements have been progressively made to SGFinDex. For example, users no longer have to manually renew their consent for data sharing annually if they access SGFinDex within the year, said MAS.

The regulator also joined forces with the Government Technology Agency to increase user awareness by running a publicity campaign in December 2024 that featured on some 15,000 digital display panels in HDB lifts and lobbies.

Correction note: In an earlier version of the story, we said that more than 400,000 people used SGFinDex in 2024, up from the 120,000 who used it in 2021. This is incorrect. Instead, the number of SGFinDex users reached more than 400,000 by end of 2024, up from 120,000 in 2021.