SINGAPORE – Singaporeans might be in a position to get a consolidated view of their insurance policies throughout varied insurers with the addition of these plans to the Singapore Financial Data Exchange (SGFinDex), Deputy Prime Minister Lawrence Wong stated on Wednesday.
The nation may even make investments $150 million in contemporary funds to foster innovation in monetary providers, and additional transfer in the direction of its purpose to cast off company cheques by 2025, Mr Wong introduced in his opening tackle on the flagship Singapore Fintech Festival.
Singapore launched the SGFinDex service in December 2020 to assist people in their monetary planning by giving them an outline of their monetary info throughout banks and authorities companies. This consists of particulars of their loans, deposits and Central Provident Fund balances.
The service, which people can entry free of cost by their banks’ functions utilizing their Singpass, was subsequently enhanced in 2021 to additionally embrace funding holdings from the Central Depository.
With a couple of clicks, people can entry information from varied personal and public companies, all consolidated in a single web page similar to their banks’ monetary planning platforms.
The newest addition of insurance policies to SGFinDex will allow Singaporeans to determine potential gaps in their safety extra simply, and have a extra complete view of their monetary positions, stated Mr Wong, who can be Finance Minister.
The insurers on the service are AIA, AXA, Great Eastern, Income, Manulife, Prudential and Singlife with Aviva.
Mr Wong stated in his speech that expertise will help people take higher care of themselves.
He stated: “Planning in your funds is a step in the direction of having much less stress in life, and constructing a extra resilient monetary future. But to do an in-depth evaluate of your monetary scenario, you want information.
“Going forward, we hope to onboard more financial institutions and a wider range of financial information onto SGFinDex for greater convenience in financial planning.”
Mr Wong additionally introduced on Wednesday that Singapore will make investments $150 million over the following three years to additional encourage innovation within the monetary sector, together with in rising areas similar to environmental, social and governance (ESG).
The funds might be used to improve the Financial Sector Technology and Innovation Scheme. Set up in 2015, the scheme has helped to anchor new digital asset ecosystem gamers, and catalysed monetary establishments’ efforts to undertake cutting-edge applied sciences, stated Mr Wong.
“More than 200 jobs have been created with the setting up of new innovation labs, and the scheme has also supported the growth of fintech start-ups into technology players with a strong nexus to financial services,” he added.
