Financial data sharing initiative can narrow income inequality gap

Singapore

SINGAPORE'S new nationwide financial data sharing initiative can help banks narrow the income inequality gap exacerbated by Covid-19, and simultaneously create a billion-dollar business opportunity for the nation's largest lender, DBS chief Piyush Gupta said on Monday.

All Singapore residents, including non-DBS/POSB customers, can access the Singapore Financial Data Exchange (SGFinDex) via the bank's digital financial planning tool DBS NAV Planner, with the bank targeting lower-income earners who lack the traditional know-how, risk appetite and excess savings for investment.