Consumers to be able to aggregate and share financial data next year

Singapore

SINGAPORE expects to announce next year the details of a single platform for consumers to aggregate their financial information from various accounts across banks, insurance companies and brokerages, said Ravi Menon, managing director of the Monetary Authority of Singapore (MAS).

Such a platform, as reported by The Business Times in February, will allow consumers to consent to sharing their consolidated financial data with traditional financial institutions, as well as with non-banking entities.