Hi There! Iām Kenneth, one of the co-founders here at Seedly. Let me answer your question below to ease your concerns :)
Here are some interesting statistics about Seedly app and our users as well:
- We have over 70,000 registered users in Singapore
- Over 1500-2000 sync their transactions with us daily
- We've been around born, bred and ran by Singaporeans for the past 2.5 years
- We are backed by NUS Enterprise incubator program and are were funded by VCs before joining the ShopBack group of companies.
- WE NEVER Sell data or use transaction data for any other purposes than to improve categorisation and improve the app.
1. What security certifications does Seedly or saltedge have that can guarantee the protection of my banking credentials? Is saltedge/Seedly able to read the details I enter into the login page?
There are two levels of security:
- On Seedly: We never store your banking credentials, user and pins. That's why every time you log in, you'll need to re-sync again to get a new import of your transactions
- On Saltedge: They are our partner. And they will process the sync on their end, think of it as a one-time download of the CSV of your latest transactions. Access is only read-only. You can find out more here about their security: https://www.saltedge.com/products/spectre/security Salt Edge uses multiple defensive layers in order to protect end-customer data. Access to the company systems requires multi-factor authentication. The databases are both physically and logically protected from general employee access. Salt Edge serves hundreds of thousands of end-customers on a daily basis.
2. Does all the security measures and data protection policies comply with the relevant financial authorities in Singapore? Is your app endorsed by the MAS or any other relevant authority?
We are NOT endorsed by MAS or other relevant authority as we are a third-party app which helps simplify personal finance for our users in Singapore :) However, we comply strictly with PDPA policies and all the relevant data handling standards in Singapore for any tech company handling strict transaction data. All transaction data is also highly encrypted are read-only.
3. Is OCBC as well as other local banks in Singapore aware of how Seedly/saltedge extracts and aggregate users' bank account balance and transactions?
Yes they are aware. However, this is ultimately on the user to decide if he/she is keen to take the step to sync their accounts together on the Seedly app. We are in no way mis-representing any of the banks or trying to replicate them. Cheers!
Entering all 3 sensitive login details (the user id, pin and the OTP) into an unknown third-party application with no concrete/clear security certification is understandably an uneasy and troubling task which we understand.
Yes we understand completely that this is a huge trust step. Thus, I beleive you will need to understand us as a company. We never sell transaction data and we are here to help our users make smarter financial decisions.
You can find out more about who we are and what we do here:
Our main site and community: seedly.sg
Who we are: seedly.sg/about
Our blog and what we advocate: blog.seedly.sg Happy to chat more over LinkedIN if you need: https://www.linkedin.com/in/kenneth-lou/ Cheers! Kenneth
Hi There! Iām Kenneth, one of the co-founders here at Seedly. Let me answer your question below to ease your concerns :)
Here are some interesting statistics about Seedly app and our users as well:
1. What security certifications does Seedly or saltedge have that can guarantee the protection of my banking credentials? Is saltedge/Seedly able to read the details I enter into the login page?
There are two levels of security:
2. Does all the security measures and data protection policies comply with the relevant financial authorities in Singapore? Is your app endorsed by the MAS or any other relevant authority?
We are NOT endorsed by MAS or other relevant authority as we are a third-party app which helps simplify personal finance for our users in Singapore :) However, we comply strictly with PDPA policies and all the relevant data handling standards in Singapore for any tech company handling strict transaction data. All transaction data is also highly encrypted are read-only.
3. Is OCBC as well as other local banks in Singapore aware of how Seedly/saltedge extracts and aggregate users' bank account balance and transactions?
Yes they are aware. However, this is ultimately on the user to decide if he/she is keen to take the step to sync their accounts together on the Seedly app. We are in no way mis-representing any of the banks or trying to replicate them. Cheers!
Entering all 3 sensitive login details (the user id, pin and the OTP) into an unknown third-party application with no concrete/clear security certification is understandably an uneasy and troubling task which we understand.
Yes we understand completely that this is a huge trust step. Thus, I beleive you will need to understand us as a company. We never sell transaction data and we are here to help our users make smarter financial decisions.
You can find out more about who we are and what we do here:
Our main site and community: seedly.sg
Who we are: seedly.sg/about
Our blog and what we advocate: blog.seedly.sg Happy to chat more over LinkedIN if you need: https://www.linkedin.com/in/kenneth-lou/ Cheers! Kenneth