Before you start, we know you're unsure about a lot of things. That's why we're here to clarify your doubts and debunk some myths of consolidating your finances on a single platform.
HSBC FinConnect is supported by the Singapore Financial Data Exchange (SGFinDex) and lets you retrieve financial data – account balances, credit cards, loans and investments – from financial institutions and government agencies and view them all under one single platform. Having all your finances listed out under one platform gives you a holistic view of your finances, which allows you to map out and work towards your financial goals.
FinConnect and SGFinDex are relatively new concepts of sharing all your financial information, and it's normal to have concerns about data privacy and security. We're here to help debunk some myths on consolidating finances and the security concerns that come along with it.
Myth 1: SGFinDex stores my financial data, and the government can gain access to them
Fact 1: All financial data is fully confidential and protected during the data transmission process. SGFinDex can neither read nor store your personal financial data. It only retrieves and transmits information to other financial planning platforms that you wish to share information with. This process needs to be authorised by you via Singpass, and this authorisation is only valid for one year from the time that you first give consent to any financial institution. That's not all, you can even choose to disconnect the access or re-authorize anytime you want, which gives you complete control over your financial data.
Myth 2: Financial data can be retrieved/hacked easily by others
Fact 2: Strict measures are implemented to safeguard your data that transmits through SGFinDex. Financial data can be retrieved only with your explicit consent, and you need to verify your identity through Singpass and other financial institutions' authentication measures for added security. The retrieved data is encrypted and each financial institution has their unique key that decrypts the data in order to view it, which makes it almost impossible for people to retrieve or hack.
Myth 3: HSBC can misuse the access to my financial data
Fact 3: The access of your financial data will be used solely to aid you in financial planning and will only be used with your consent and knowledge.
By consolidating your finances with HSBC FinConnect, not only will you get an automatic calculation of your net worth, but also a further break down of your assets and liabilities which can be filtered by account type or currency. This will make it easier for you to map out and work towards your financial goals.
Ready to use FinConnect now? Download and log in to your HSBC Singapore app to start today. Alternatively, contact us or speak to your Relationship Manager for more information.