SGFinDex

2022 - 11 - 2

Post cover — Image courtesy of "The Straits Times"

Singaporeans to get consolidated view of their insurance policies on ... (The Straits Times)

Singapore will also invest $150m over the next three years to further encourage innovation in the financial sector. Read more at straitstimes.com.

Singapore is also moving closer to its goal to end the use of cheques by 2025. We will study these issues carefully before consulting the public separately when we are ready.” Set up in 2015, the scheme has helped to anchor new digital asset ecosystem players, and catalysed financial institutions’ efforts to adopt cutting-edge technologies, said Mr Wong. And we must not forget about them.” But to do an in-depth review of your financial situation, you need data. This includes details of their loans, deposits and Central Provident Fund balances.

Consolidated view of insurance policies now available on SGFinDex (CNA)

The addition of this consolidated data was announced by the Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG) on ...

The consent will last for one year from the first time an individual links an account to SGFinDex. "With insurance data now available in SGFinDex, it will give users a more holistic view of their financial position and empower them to make better decisions in building a comprehensive and robust financial portfolio." SGFinDex is designed with data protection and privacy controls and the financial data can be retrieved and updated only through the explicit consent of the individual through SingPass, the authorities said.

Financial Planning for Singaporeans Enhanced with Insurance Data ... (Monetary Authority of Singapore)

MAS and the Smart Nation and Digital Government Group (SNDGG) announced today that individuals will now be able to digitally access and aggregate ...

Established in 1962, the Life Insurance Association, Singapore (LIA Singapore) is a not-for-profit trade body of life insurance product providers and life reinsurance providers based in Singapore and licensed by the Monetary Authority of Singapore (MAS). It has brought its members closer together through various guidelines and banking practices as well as the support of projects of mutual benefit to face the challenges of the financial and banking community in Singapore. SNDGG is made up of the Smart Nation and Digital Government Office (SNDGO) and the Government Technology Agency (GovTech). ABS will continue to facilitate collaboration within the financial sector and with government agencies, leveraging technology to expand the capabilities of SGFinDex to benefit our nation and its people.” Member companies are committed to developing a progressive life insurance industry by collectively enhancing consumer understanding, promoting industry best practices, and through the association fostering a spirit of collaboration and mutual respect with the government, and business leaders, and other key stakeholders. 7 Mr Khor Hock Seng, President, LIA Singapore, said, “The addition of insurers as part of SGFinDex will provide individuals with a more well-rounded view of their financial portfolio and underscores the importance of protection to achieving financial wellbeing. Together with GovTech – SNDGO’s implementing agency – SNDGG drives the digital transformation of the public sector and harnesses the best technologies to better the lives of people in Singapore. As a central bank, MAS promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. They will thus have a more comprehensive view of their financial status and be able to make more informed financial planning decisions. SGFinDex is the world’s first public digital infrastructure that enables individuals to securely access their financial information held across government agencies, banks, insurers, and the central securities depository. With the addition of insurance data, the comprehensiveness has been enriched further hence improving financial planning for individuals. The consent will last for one year from the first time an individual links an account to SGFinDex.For example, individuals who linked their accounts on 1 December 2021 will need to log in to MyMoneySense or the participating banks’ and insurers’ financial planning applications to re-link their accounts to SGFinDex before 30 November 2022 if they wish to continue retrieving their data via SGFinDex.

Singaporeans to have consolidated view of their insurance plans in ... (Yahoo Finance UK)

Singaporeans can now have a consolidated view of their insurance policies. What else did Deputy Prime Minister Lawrence Wong announce during his opening ...

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Singaporeans to have consolidated view of their insurance plans in ... (Yahoo Singapore News)

Singaporeans can now have a consolidated view of their insurance policies. What else did Deputy Prime Minister Lawrence Wong announce during his opening ...

DBS : welcomes the inclusion of insurance policy data in SGFinDex ... (marketscreener.com)

"The move to avail insurance data via SGFinDex is an important milestone to complete the financial planning journey for some 2.8 million DBS NAV Planner ...

DBS provides a full range of services in consumer, SME and corporate banking. In addition, DBS has been accorded the " [Safest Bank in Asi a](https://www.dbs.com/newsroom/DBS_named_Worlds_Safest_Commercial_Bank_sg)" award by Global Finance for 14 consecutive years from 2009 to 2022. DBS is a leading financial services group in Asia with a presence in 18 markets. Customer consent via SingPass is required for the consolidation of data through SGFinDex. On the back of this data integration, we will next look at integrating existing AI/ML models into our insurance advisory feature to sharpen protection adequacy, retirement projections, financial health insights, and the recommendations we serve." The bank has, however, taken additional steps to include oft-overlooked miscellaneous expenses (such as the cost of engaging a helper during recovery) and built in an extra option for customers to adjust the inflation rate, to help users more accurately estimate their coverage needs. DBS/POSB customers can log into their internet banking or digibank accounts to access NAV Planner, whereas new-to-bank customers can sign up for a digibank account in four steps with MyInfo. To further differentiate its offering to customers, the bank is introducing several features, such as a summary dashboard, on which customers can see the total number of policies they hold, and total annual premiums due. Since November last year, users have been able to pool their Central Depository (CDP) investment holdings data via SGFinDex. Others found it challenging to assess their coverage needs gaps on their own, even as most prefer to "self-serve". DBS/POSB customers will be able to view their life insurance policy information conveniently on one single tab, once they give consent to integrating the insurance data via SGFinDex through DBS digibank. "Even as consumers brace for inflation and tighten their belts, it's equally crucial that they do not neglect their protection needs and put their insurance coverage on hold, especially amid rising healthcare costs in Singapore.

Singaporeans can now access consolidated views of their insurance ... (Singapore Business Review)

Deputy Prime Minister Lawrence Wong announced this during the SFF 2022. Singaporeans can now gain a consolidated view of their insurance policies across ...

SGFinDex is designed with data protection and privacy controls. There are currently more than 30,000 monthly active users of SGFinDex, with nearly 1.2 million data retrievals. With the addition of insurance policies to SGFinDex, Singaporeans will be able to identify potential gaps in their protection more easily, and have a more comprehensive view of their financial positions, said Mr Wong, who is also Finance Minister.