A.he Southeast Asian financial center Singapore is the first country in the world to pool all of its citizens’ financial data. This gives commercial banks an insight into the investments, including those of the competition, in loans, expenses, insurance and state pensions. To protect customers, they have to renew their consent every year. The day after the announcement, the Singapore banks began to fight publicly for the new customers, especially those from the lower classes, because they were hoping for a billion-dollar deal.
The seven banks on the tropical island to date that have taken part in the state-initiated data exchange funded by the central bank (Singapore Financial Data Exchange, SGFinDex) are providing apps for the participants’ mobile phones. The mean is calculated on these over several levels and displayed in colorful, catchy diagrams. At the same time, they make investment proposals and drive users to take out insurance, for example. The information is encrypted and the investment proposals are created using artificial intelligence. This should open up new income opportunities for those who “cannot afford a private investment advisor”, as the state press writes. “We can combine the power of technology and finance to create a more inclusive society,” said Ravi Menon, the central bank governor of the state with the highest density of millionaires.