The portal, which facilitates data portability, is part of the regulator's roadmap for open banking, and will facilitate financial planning and boost competition for consumers' benefit.
The Monetary Authority of Singapore (MAS) is expected to release details of a portal that will allow consumers to aggregate and share their financial data across different banks and financial service providers by 2020, the regulator's managing director Ravi Menon said, «The Business Times» reported on Friday (behind paywall).
This will allow them to compare products and services from different providers, and switch between banks and different offers.
The portal has been under discussion since it was first mooted in February, when the Personal Data Protection Commission of Singapore and the Competition and Consumer Commission of Singapore issued a discussion paper on data portability.
More Competition
The paper noted several effects data portability will have on the market, including increased competition, external benefits arising from increased data use, higher productivity, and innovation.
The issue of data portability comes amid the introduction of digital banking services in Singapore. MAS is currently accepting applications for the initial five licenses under the country's digital banking regime, and operators are expected to begin providing such services in 2021.
