In his opening address at SFF X SWITCH 2020, Deputy Prime Minister (DPM) Heng Swee Keat announced the launch of the Singapore Financial Data Exchange (SGFinDex). This is the world’s first public digital infrastructure that allows Singaporeans to obtain their financial information from different financial institutions and government agencies with just their national digital identity, or Singpass, while providing user consent via a centrally managed online consent system. 

“People bank with different institutions, trade on different platforms and purchase products from different insurers. When we need to consolidate our finances, this is often onerous,” explains DPM Heng who is also Singapore’s Finance Minister. He believes that such an approach to trusted data sharing via innovation and conducive regulations can also be applied to other areas and jurisdictions too. 

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