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.
«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.
Vibrant Ecosystem
During the discussion, Menon also spoke about the progress Singapore has made over the past five years to achieve its vision of a Smart Financial Center, in particular, by creating a fintech ecosystem that embraced both incumbents and insurgents.
He also shared about the support MAS is providing under the enhanced Financial Sector Technology and Innovation Scheme (FSTI 2.0).
