How safe is seedly app (if syncs to all the diff bank account)? What are the data protection measures in place? - Seedly

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Asked by Anonymous

Updated on 18 Apr 2019

How safe is seedly app (if syncs to all the diff bank account)? What are the data protection measures in place?

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Kenneth Lou
Kenneth Lou, Co-founder at Seedly
Level 8. Wizard
Updated on 03 Oct 2018

This is a very good question and we built the Seedly app with security in mind. Around 2 years back, when we started Seedly, we aimed to create a seamless place to sync and aggregate all your finances in place.

Today, we have over 50k users in Singapore. We also graduated from the DBS HOTSPOT program in 2016 and was funded by NUS Enterprise.

More importantly, you can find out more about our security policies here: https://seedly.sg/security :)

We understand that the banking credentials are of extreme importance and secure, hence we don’t store these and instead it operates on a one-time login, hence everytime u want to sync a new set of transactions, you will need to re-login and sync again. This is a read-only service.

We also store your data securely using Asymmetric encryption. This method ensures security of the data you send over the Internet through the Seedly app. Asymmetric encryption algorithms are essential in the securing banking systems, web-applications and protocols. These algorithms allows us to hide sensitive data such that outside sources are unable to visualize or manipulate it.

Behind the scenes, we’re working with the banks on the direct APIs but as always it takes time :) we have seen that it has happened in US, Canada, now the EU by end 2018, hence we feel SG could be next very soon for a more seamless experience. Cheers! Feel free to ask us or the community here :)

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Bang Hong
Bang Hong,
Level 4. Prodigy
Answered on 20 Jul 2018

I think this was answered in Facebook post.

I am not from seedly, but typically organization cannot identify you by the data they stored/collect/process.

Typical data protection would be encryption and IT security to deter hackers from getting those data. It will be in Seedly interests to keep those data only to themselves because those are data that worth monies, able to do analysis, share data in an ethical way or even to the extent of sell data (possibly).

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