Singapore, November 2, 2022… The Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG) today announced that individuals will now be able to access and digitally aggregate information about their insurance policies. life, accident and sickness insurance between different participating insurers.
2 The inclusion of insurance policy information in the Singapore Financial Data Exchange ( ) allows individuals to access this information through financial planning applications or websites of participating insurers, banks, as well as through , a free digital government financial planning service. SGFinDex is the world’s first public digital infrastructure that allows individuals to securely access their financial information held by government agencies, banks, insurers and the central securities depository.
3 The inclusion of insurance data is in addition to existing banking and investment data that individuals can retrieve through SGFinDex, making it easier for individuals to identify gaps in insurance protection. They will have a more complete view of their financial situation and will be able to make more informed financial planning decisions.
4 This improvement is made possible through close collaboration with the Life Insurance Association, Singapore (LIA Singapore), Association of Banks of Singapore (ABS) and government agencies.
5 There are currently over 30,000 monthly active users of SGFinDex, with nearly 1.2 million data recoveries. SGFinDex is designed with data protection and privacy controls. Financial data can only be retrieved and updated with the individual’s explicit consent via Singpass. Consent will last for one year from the first time an individual links an account to SGFinDex.
6 Mr. Sopnendu Mohanty, Chief FinTech Officer, MAS, said: “SGFinDex has gradually enabled individuals to consolidate, access and visualize their financial assets. With the addition of insurance data, the completeness has been further enriched, thus improving the financial planning of individuals. This has once again demonstrated the importance of collaboration between the public and private sectors in creating an innovative solution that brings convenience to individuals and paves the way for further collaboration in the field of open finance. .
seven Mr. Khor Hock Seng, Chairman of LIA Singapore, said: “The addition of insurers as part of SGFinDex will provide individuals with a more comprehensive view of their financial portfolio and underscores the importance of protection in achieving well-being. be financial. Singapore’s life insurance industry will continue its efforts to improve financial literacy within the community to help address its underinsurance gap and better plan for retirement. This is particularly critical today given the current inflationary pressures as well as Singapore’s rapidly aging population.
8 Mr. Wee Ee Cheong, Chairman of ABS and CEO of UOB, said, “Insurance is an important part of an individual’s long-term financial planning. With insurance data now available in SGFinDex, it will give users a more holistic view of their financial situation and allow them to make better decisions in building a comprehensive and solid financial portfolio. ABS will continue to facilitate collaboration within the financial industry and with government agencies, leveraging technology to extend the capabilities of SGFinDex for the benefit of our nation and its people.
9 For more information on SGFinDex, please visit .
About the Singapore Financial Data Exchange
The Singapore Financial Data Exchange (SGFinDex) is the world’s first public digital infrastructure to use a nationwide digital identity and centrally managed online consent system to enable individuals to access, via apps, their financial information held in different government agencies and financial institutions.
About the Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. As a central bank, the MAS promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic monitoring and analysis. It manages the Singapore exchange rate, official foreign exchange reserves and banking sector liquidity. As an integrated financial supervisor, MAS fosters a strong financial services industry through its prudential supervision of all Singapore financial institutions – banks, insurers, financial market intermediaries, financial advisers and financial market infrastructures. It is also responsible for the proper functioning of financial markets, the proper conduct and education of investors. MAS also works with the financial industry to promote Singapore as a vibrant international financial center. It facilitates infrastructure development, technology adoption and skills upgrading in the financial sector.
About the Smart Nation and Digital Government Group
The Smart Nation and Digital Government Group (SNDGG) was established within the Office of the Prime Minister of Singapore in May 2017, to lead and coordinate Smart Nation and digitalization efforts within the Singapore government.
The SNDGG is made up of the Smart Nation and Digital Government Office (SNDGO) and the Government Technology Agency (GovTech). SNDGO plans and prioritizes key national strategic projects, drives government digital transformation, builds long-term ICT capabilities for the public sector, and promotes the adoption of government digital products and services. Together with GovTech – the implementing agency of SNDGO – SNDGG is driving the digital transformation of the public sector and harnessing the best technologies to improve the lives of people in Singapore.
For more information, please visit.
About Life Insurance Association, Singapore
Established in 1962, the Life Insurance Association, Singapore (LIA Singapore) is a non-profit trade organization of life insurance product providers and life reinsurance providers based in Singapore and licensed by the Monetary Authority of Singapore (MAS). The industry vision of member companies is to provide individuals with peace of mind and to promote a society where each person is prepared for the changing cycles of life and for unforeseen situations. 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 government, business leaders and other key stakeholders. For more information, please visit
About the Singapore Banking Association
The Association of Banks of Singapore (ABS) plays an active role in promoting and representing the interests of the banking community in Singapore. In doing so, ABS works closely with relevant government authorities for the development of a sound financial system in Singapore. Since its inception in 1973, ABS has promoted a common understanding among its members and projected a unifying voice on banking issues. It has brought its members together through various banking guidelines and practices as well as supporting projects of mutual benefit to address the challenges of the financial and banking community in Singapore. Today, ABS has more than 150 local and foreign banks. More information about ABS can be found on the website:
MyMoneySense is a digital financial planning service jointly developed by MOM and GovTech. It aims to enable individuals to better understand and easily plan their finances. Key benefits of this service include the ability to consolidate finances from across government and financial institutions into a single dashboard, and gain independent, personalized insights to improve financial well-being. For those just starting their financial planning, MyMoneySense provides a step-by-step guide for individuals to set their financial goals and track their progress to make financial planning easier. The service will gradually expand alongside enhancements to SGFinDex to provide better advice on more aspects of financial planning and at different stages of life.
To access MyMoneySense, please visit