The managing director of Singapore’s financial regulatory authority said it is in «very advanced discussions» with the various local banks on a financial planning portal, according to finews.asia.
The portal will allow consumers to aggregate and share their financial data across different banks and financial service providers. This will allow them to compare products and services from different providers, and switch between banks and different offers.
«The technology is there, but the interoperability does not exist. That’s what open banking tries to achieve. We are very serious about it and we are developing tools,» Ravi Menon, MAS managing director, said on Thursday.
«Many of us, despite the many advances in technology, do not have an integrated personal balance sheet or personal financial statement in real-time,» Menon lamented at the Singapore FinTech Festival (SFF) Green Shoots Series dialogue «Leading Through a Crisis.»
MAS is currently working with the Ministry of Manpower to develop a digital service that will bring information such as tax relationships, tax liabilities, social security, investments, and more together, so people can plan their finances and retirement adequacy holistically.
Data-Sharing Reciprocity
Menon acknowledged the increased competition in an open banking regime, but said this will also allow financial industry players to compete better, and is working with firms in the sector to ensure a level playing field.
«An important principle that we have is that there should be reciprocity. It can’t be a case where one part provides data and the other does not. If it’s a one-way street, it’s not quite fair to the banks,» Menon said.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
