SINGAPORE – Singaporeans will be able to get a consolidated view of their insurance policies from various insurers with the addition of these plans to the Singapore Financial Data Exchange (SGFinDex), Deputy Prime Minister Lawrence Wong said on Wednesday.
The country will also invest $150 million in new funds to drive innovation in financial services and move toward its goal of eliminating corporate checks by 2025, Wong said in his keynote address at the Singapore Fintech Festival.
Singapore introduced the SGFinDex service in December 2020 to help individuals with their financial planning by giving them insight into their financial information at banks and government agencies. This includes details of their loans, deposits and Central Provident Fund balances.
The service, which individuals can access for free through their banks’ apps using their Singpass, was later expanded in 2021 to also include Central Depository investment holdings.
With just a few clicks, individuals can access data from various private and public bodies, all brought together on a single page like their banks’ financial planning platforms.
The latest addition of insurance policies to SGFinDex will make it easier for Singaporeans to identify potential gaps in their protection and get a more complete view of their financial situation, said Wong, who is also finance minister.
The insurers of the service are AIA, AXA, Great Eastern, Income, Manulife, Prudential and Singlife with Aviva.
Mr. Wong said in his speech that technology can help people take better care of themselves.
He said: “Planning your finances is a step towards less stress in life and building a more resilient financial future. But to do a thorough examination of your financial situation, you need data.
“In the future, we hope to integrate more financial institutions and a wider range of financial information on SGFinDex for greater convenience in financial planning.”
Wong also announced on Wednesday that Singapore will invest $150 million over the next three years to further foster innovation in the financial sector, including in emerging areas such as environment, social and governance (ESG). ).
The funds will be used to enhance the financial sector’s technology and innovation agenda. Established in 2015, the program has helped anchor new players in the digital asset ecosystem and catalyzed financial institutions’ efforts to adopt cutting-edge technologies, Wong said.
“More than 200 jobs have been created with the establishment of new innovation labs, and the program has also supported the growth of fintech start-ups into technology players with a strong connection to financial services,” he said. he adds.