We thank Mr Goh Khee Kuan for his letter “Risk of having all financial data in one place” (ST, 18 December 2020).
Mr Goh was concerned that individuals' financial data might be exposed, should the Singapore Financial Data Exchange (SGFinDex) be compromised.
SGFinDex will not consolidate individuals’ financial information in one place. Rather, it enables individuals to use financial planning applications to access their financial information held across different government agencies and financial institutions. SGFinDex only transmits the data, it does not keep a copy of it. It does not introduce a single point of compromise of the individual's financial data.
In addition, stringent security measures have been put in place to safeguard the data as it transits through SGFinDex. Financial data can be retrieved only with the explicit consent of the individual, whose identity must be verified through SingPass and the relevant banks’ authentication measures. The data is also encrypted when retrieved through SGFinDex and only the financial planning application authorised by the individual can decrypt the data received.
These measures protect consumers’ financial data from being exposed, misused or stolen from SGFinDex.
Source: Monetary Authority of Singapore