Yes, stumbled across it a few days ago. Seems quite new and only SCB and DBS are utilising it on their apps now.
It allows you the option to consolidate the account details across some of the banks in Singapore through linking them to SGFinDex, which is by the SG Government.
In SCB’s use case, the total and individual balances are presented on a single pane of glass. So you can get a total view of your net worth across the different accounts i.e. savings, investments, credit cards and CPF etc. Looks interesting if you like that kind of information. However, at this time, not able to choose the accounts that you want to include or exclude. Hopefully they improve the UX and allow more flexibility in future.
@seedly team: Perhaps Seedly can leverage this framework to consolidate the account details that are not possible now?
3 more comments
Shaun WQ Lim
05 Dec 2020
I have used it on both DBS and Standard Chartered. Few issues with this feature on Standard Chartered Mobile App
SingPass integration is not working well on Android phone. Works fine on the web.
Securities Trading Account balances are not shown under SGFinDex (Only savings accounts, securities settlement accounts and credit card balances)
Investments section only shows SRS/CPF account details, but not CDP
But a great start to have a unified view of all financial accounts under one UI.
I think it is very good for young people who are starting out small. i wonder why seedly failed at banksync and sgfindex is now doing it instead, supplying all stash info to the govt.
the old folks who are not trusting will not benefit from it.
ICBC, BOC and CIMB are not integrated yet.
the rich and shady businessmen have already kept their money elsewhere in swiss and chinese banks. so they can't be jailed for tax evasion etc for the time being till they are somehow discovered