February 28, 2024

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SGFinDex Integrates Insurance Data for Better Financial Planning

Individuals that use the Singapore Financial Data Exchange (SGFinDex) will now be able to digitally access and aggregate data on their life, accident and health insurance policies held across different participating insurers. SGFinDex is the world’s first public digital infrastructure that enables individuals to securely retrieve their financial information held across government agencies, banks, insurers, and the central securities depository.

The inclusion of insurance data adds to existing banking and investment data that individuals can retrieve via SGFinDex, making it easier for them to spot insurance protection gaps. The Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG) announced the addition of the consolidated information earlier this week. As per a press release, adding information on insurance policies allows users to get the information through financial planning applications or websites of participating insurers, banks, and the government’s free financial planning digital service, MyMoneySense.

There are currently more than 30,000 monthly active users of SGFinDex, with nearly 1.2 million data retrievals. SGFinDex offers data protection and privacy controls. Financial data can be accessed and updated only through the explicit consent of the individual through Singpass. The consent will last for one year from the first time an individual links an account to SGFinDex, the release noted.

An official explained that SGFinDex facilitates the consolidation, access, and viewing of an individual’s financial holdings. Now that users can access insurance data, the application’s comprehensiveness is enhanced. The initiative demonstrates the importance of public-private sector collaboration in creating an innovative solution that brings convenience to individuals and paves the way for further collaboration in open finance. An industry expert claimed that Singapore’s life insurance industry will continue efforts to enhance financial literacy amongst the community to help them bridge their underinsurance gap and better plan for their retirement.

The release noted that the enhancement was carried out through close collaboration with the Life Insurance Association (LIA Singapore), the Association of Banks in Singapore (ABS), and government agencies. A representative from ABS noted that insurance is a vital component in an individual’s long-term financial planning. With insurance data now available in SGFinDex, users will have a more holistic view of their financial position and can make better decisions in building a comprehensive and robust financial portfolio.

MAS is Singapore’s central bank and integrated financial regulator. It promotes sustained, non-inflationary economic growth by executing monetary policy and close macroeconomic surveillance and analysis. It manages the country’s exchange rate, official foreign reserves, and liquidity in the banking sector. As an integrated financial supervisor, MAS fosters a sound financial services sector by monitoring all financial institutions, including banks, insurers, capital market intermediaries, financial advisors, and financial market infrastructures.

Set up in 2017, SNDGG intends to drive and coordinate Smart Nation and digitalisation efforts across the Singapore Government. It is made up of the Smart Nation and Digital Government Office (SNDGO) and the Government Technology Agency (GovTech). With GovTech – SNDGO’s implementing agency – SNDGG leads the digital transformation of the public sector and harnesses the best technologies to improve governance and administration.

The country is keen to grow its fintech sector as well as secure the overall national financial landscape. Recently, the Monetary Authority of Singapore’s Cyber Security Advisory Panel outlined several solutions for financial institutions to implement to protect their services against cyber threats. It reached out to cybersecurity experts to explore ways to prepare the country’s financial sector for technology risks in increasingly hostile cyberspace.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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