DBS develops digital guidance framework on financial management

It aims to help investors benefit from a “holistic and personalised” platform that considers their life stage, medium and long-term goals and investment needs, DBS bank said.

Mark Tan of Pinsent Masons MPillay, the Singapore joint law venture between MPillay and Pinsent Masons, the law firm behind Out-Law, said: “This follows the recent introduction and launch in December 2020, by the Monetary Authority of Singapore and the Smart Nation and Digital Government Group, of the Singapore Financial Data Exchange (SGFinDex), which was designed as a public digital infrastructure system to enable individuals to access their financial information held across different government agencies and financial institutions. This move by DBS Bank further serves to showcase not only their financial planning capabilities, but also highlights the ongoing adoption and adaptation by Singapore banks of digital solutions to provide innovative products.”

It will be implemented in the bank's digital financial and retirement planning tool NAV Planner that launched in 2020.

The tool can be used to track a customer's assets and debts held via DBS, other banks, Housing Board, Central Provident Fund (CPF) and Supplementary Retirement Scheme (SRS) accounts via Singapore’s public digital infrastructure SGFinDex.

NAV Planner suggests only the types of assets investors can get into such as unit trusts and exchange-traded funds. It is also expected to help investors to optimise their retirement nest-egg through decumulation, which is the process of reviewing and becoming monetised with one's assets such as home property, insurance policies and investment portfolios, and turning them into cash flows.