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Singaporeans can soon view their bank accounts and investments on a single platform

kobayashiGT
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kobayashiGT

kobayashiGT

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Singaporeans can soon view their bank accounts and investments on a single platform

source: https://www.straitstimes.com/business/singaporeans-can-soon-view-their-bank-accounts-and-investments-on-a-single-platform

ak_sgatm_0112.jpg?itok=nEoqF1Lm&timestam

SINGAPORE - Singaporeans with more than one bank account will soon be able to view all their funds and investments in one place online, instead of having to visit each bank or its website.

They can consent to share their consolidated personal financial data across seven banks - Citibank, POSB and DBS Bank, HSBC, Maybank, OCBC, Standard Chartered, and UOB - and three government agencies: the Central Provident Fund Board, Housing Board, and Inland Revenue Authority of Singapore.

The Straits Times understands that the Singapore Financial Data Exchange (SGFinDex), an online platform which takes a leaf from "open banking" in Europe, is to be announced soon.

It comes with a recognition that Singapore consumers need an aggregated and seamless view of their overall assets and liabilities during their sunset years, which will help them make informed decisions on financial and retirement planning.

Singaporeans now have the world's longest life expectancy at 84.8 years.

Open banking is the practice of providing third-party financial service providers with access to consumer banking, transaction, and other financial data from banks and non-bank financial institutions.

This is done using application programming interfaces (APIs), or codes that enable computer applications to speak to one another. Third parties will be able to integrate their services with those of a bank to create a better consumer experience.

Monetary Authority of Singapore managing director Ravi Menon had alluded to such a platform last year.

In an interview with The Business Times, he spoke of "deep-seated convictions" that customers will benefit from better service, and that banks will emerge stronger from the competition.

The latest move is the third pillar of Singapore's recent efforts to liberalise its financial sector on the digital front. The other two pillars are the issuing of digital bank licences, and giving fintechs access to the real-time payments system.

It also comes on the back of MAS' announcement on Monday (Nov 30) that consumers will be able to transfer funds via Fast or PayNow from mobile banking apps or Internet banking platforms to top up their mobile wallets, instead of having to key in credit or debit card details.

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Oh. means those who have special "stash" cannot hide from their wife anymore!!! 😱😱😱

 

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1fast1

1fast1

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Wayang rubbish. 

Anyone who's ever had to refund a stupid expired NETS cashcard (with chip) will know the ridiculousness. Can go DBS/POSB ATM but it often doesn't work. Works better at OCBC ATM but if you don't have an account there, LPPL. But can still go physical branches of OCBC and UOB bank to fill out bloody forms, but somehow, DBS/POSB got missed out for that service! Ironically, they'll be able to refund you to your DBS/POSB account via an OCBC branch, but you simply cannot get the form or submit it from DBS/POSB!!! Last resort must go back to the Tiong Bahru NETS service centre. 

All stupid LJ nonsense. They can't even secure our healthcare architecture from hacks nor get the "no call list" working after so much wu leng wu hor talk about PDPA and they want to integrate our banking. 

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Kopites

Kopites

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(edited)
35 minutes ago, ToyotaShuttle said:

Won't you feel happy to see that you are half a billionaire?

If need to integrate all accounts just to feel(see) rich than one aren't rich at all.

Never mind.

Integrate all accounts resemblance  lying bare naked spreading out wide waiting to be thrust!

My view only.

 

 

Edited by Kopites
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Kangadrool

Kangadrool

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(edited)
2 minutes ago, RH1667 said:

How secure is this new platform? Don't think i want to do it if it is optional.

As secure as hackers.

As good as writing "此地无银三百两“。

Edited by Kangadrool
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Soya

Soya

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Wah sei....with this, the MCF richie riche can now do a single screenshot to HL how much $$$ they have to prove a point. After all, a IRAS NOA only tells part of the story......lol

 

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Kangadrool

Kangadrool

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2 minutes ago, Soya said:

Wah sei....with this, the MCF richie riche can now do a single screenshot to HL how much $$$ they have to prove a point. After all, a IRAS NOA only tells part of the story......lol

 

For cash is king, can post photo of S$10,000 notes overflowing from a Khong Guan biscuit tin.

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Volvobrick

Volvobrick

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9 minutes ago, Kangadrool said:

Last thing you want is to have all your monies in all these banks wiped out by frogsters. 

 

Worse still, wify can see everything you have! 

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Lala81

Lala81

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(edited)
3 hours ago, Turboflat4 said:

Anyone who's ever had to refund a stupid expired NETS cashcard (with chip) will know the ridiculousness. Can go DBS/POSB ATM but it often doesn't work. Works better at OCBC ATM but if you don't have an account there, LPPL. But can still go physical branches of OCBC and UOB bank to fill out bloody forms, but somehow, DBS/POSB got missed out for that service! Ironically, they'll be able to refund you to your DBS/POSB account via an OCBC branch, but you simply cannot get the form or submit it from DBS/POSB!!! Last resort must go back to the Tiong Bahru NETS service centre. 

 

Hmmm never had such problems before leh. I can only recall once one machine couldn't but i went to another machine was ok.
Maybe contact point not clean within the machine.

Flashpay maybe a bit moretroublesome. UOB don't think can do flashpay topup. At least at the ones i have here at my workplace.

I have 1 flashpay/1 nets for both vehicles.

Edited by Lala81
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Myxilplix

Myxilplix

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3 hours ago, inlinesix said:

You are rich if you have Family Office.

Don’t ask me what is Family Office 

My "Family Office" is my study. Got 2 desks, one for wifey and one for me. Sibeh pro one, got a printer and shredder somemore.

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1fast1

1fast1

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(edited)
1 hour ago, Lala81 said:

 

Hmmm never had such problems before leh. I can only recall once one machine couldn't but i went to another machine was ok.
Maybe contact point not clean within the machine.

Flashpay maybe a bit moretroublesome. UOB don't think can do flashpay topup. At least at the ones i have here at my workplace.

I have 1 flashpay/1 nets for both vehicles.

I have a NETS cashcard that expired 30 Nov 2020.

On 27 Nov, I tried at 2 different DBS/POSB ATMs, geographically very distant locations, different designs also (the card entry slot looked different). Didn't work, error msg said transaction failed, card expired. Card still worked in my IUs (all my cars) at that point. 

So even pre expiry got an issue with DBS/POSB ATM. 🙄

Can't try OCBC yet as I don't have a card, but just applied. See how. Edmw/hwz seems to think that will work better. 

Edited by Turboflat4
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Lala81

Lala81

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9 minutes ago, Turboflat4 said:

I have a NETS cashcard that expired 30 Nov 2020.

On 27 Nov, I tried at 2 different DBS/POSB ATMs, geographically very distant locations, different designs also (the card entry slot looked different). Didn't work, error msg said transaction failed, card expired. Card still worked in my IUs (all my cars) at that point. 

So even pre expiry got an issue with DBS/POSB ATM. 🙄

Can't try OCBC yet as I don't have a card, but just applied. See how. Edmw/hwz seems to think that will work better. 

wah applied an OCBC atm card just to solve cashcard issue. [dead]

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