Why don't Singapore banks use OFX data?

It is difficult for me to determine why Singapore banks may not use OFX (Open Financial Exchange) data without more specific information about the individual banks in question. However, here are some possible reasons why they might not use OFX data:

  1. Lack of Adoption: It is possible that OFX has not yet been widely adopted in Singapore, and as such, banks may not be using this standard for data exchange.

  2. Proprietary Formats: Some banks may be using proprietary formats for data exchange, which may be more difficult to integrate with OFX. This can create barriers to entry for OFX usage.

  3. Security Concerns: Banks may have concerns about the security of OFX data, particularly if the data is being transmitted across multiple systems or networks. They may prefer to use their own proprietary systems, which they can control and secure more easily.

  4. Compliance Issues: Banks may have regulatory or compliance requirements that make it difficult to use OFX. Compliance requirements can vary from country to country, and some banks may find it easier to use their own proprietary formats to ensure compliance.

Ultimately, the decision to use OFX data will depend on a variety of factors, including the specific needs and preferences of individual banks, as well as regulatory and compliance requirements.

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