Next step in Singapore’s payments journey
Jul03

Next step in Singapore’s payments journey

As Singapore moves towards a Smart Nation and a cashless society, our electronic payments system has also developed to allow consumers to send and receive money easily. The most recent development in this journey is PayNow, which allows bank customers to transfer funds using only the recipient’s mobile number or Singapore NRIC/FIN. Technology has transformed the way Singaporeans use financial services, and surveys show that 94% of...

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Blurred Lines: MAS streamlines regulation of banks’ non-financial services activities
Jul03

Blurred Lines: MAS streamlines regulation of banks’ non-financial services activities

16 years ago, when MAS introduced the anti-commingling framework to separate financial and non-financial businesses of banks, the iPhone did not exist and clamshell Motorola Razrs were cool. Today, almost all Singaporeans carry smart phones and our wireless broadband penetration has gone up to 200%, making Singapore one of the most connected societies in the world. This connectivity has made Singapore the perfect ground for technology...

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