MAS integrates CDP to SGFinDex database
DBS’s NAV Planner also benefits from this move.
The Monetary Authority of Singapore announced the second phase of the Singapore Financial Data Exchange (SGFinDex), in which the Central Depository (CDP) will be integrated into the database.
Originally released on 7 December 2020, the SGFinDex will now allow individuals to view their investment holdings at the CDP as part of their consolidated financial position via participating banks’ financial planning applications and MyMoneySense. Collaborations with CDP also include the Singapore Exchange, the Association of Banks in Singapore, and other participating banks.
Assistant Managing Director (Capital Markets) Lim Tuang Lee stated that the inclusion of CDP data would provide Singaporeans with a holistic view of their financial portfolio.
DBS, one of the banks partnered with MAS, has also spoken about CDP’s integration into the SGFinDex would affect DBS NAV Planner. Customers will be able to view their investments automatically by asset class.
Evy Wee, Head of Financial Planning, Investments and Insurance Solutions, DBS Bank, also said that this data is core to financial and retirement planning. The partnership between DBS and MAS is also expected to provide interest payment information of each customer’s Singapore Savings Bonds via DBS NAV Planner.