Singapore pushes financial inclusion as it cracks puzzle on 'open banking'
Consumers will be better equipped with information; consequence is heightened competition in the sector
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SINGAPORE has cracked a world's first again with a goal in mind: to return more decision-making power to every citizen on what they should do with their finances.
The Republic has launched the world's first system that allows its citizens to consolidate their financial information across major banks and relevant government agencies.
With Singapore Financial Data Exchange (SGFinDex), Singaporeans can use their SingPass to retrieve their personal financial information - such as deposits, credit cards, loans and investments - from the participating seven banks; and other information such as HDB loans and CPF balances from government agencies.
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