Digital Digest: The Latest Tech News - HSBC, Singapore

Editorial Staff

8 December 2020

HSBC
in Singapore has launched a new feature in a mobile app that allows clients to put financial information across a suite of banks into a single view.

HSBC FinConnect consolidates financial information across seven participating banks and MyInfo, the personal information management system. It uses the newly-launched Singapore Financial Data Exchange, aka SGFinDex, which links various data sources from participating banks and MyInfo to financial planning applications.

Clients can view more than 80 currency types including the Australian dollar, sterling and dollar for deposits and unit trusts holdings. The feature is open to HSBC Singapore customers holding a valid SingPass account from today (8 December).

An HSBC survey on Singaporeans digital banking activity shows that most of them use their mobile banking app for basic banking transactions such as checking account balances (75 per cent) and paying bills (67 per cent). However, only 21 per cent have made long-term investments, such as bonds, using their smartphones, while 25 per cent have a history of using their mobile banking app to make short-term investments such as equities or unit trusts.

“Given HSBC customers typically have international needs, be it for their children’s education or investment opportunities, having a clear view of their financial information via HSBC FinConnect will enable us to better guide them on their financial health and fitness,” Anurag Mathur, head, wealth and personal banking, HSBC Bank (Singapore), said.