Singapore’s financial regulator has called for fintechs to focus on interoperable solutions, urging financial inclusion efforts to focus on effective products rather than just broader access.
Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), said on Wednesday that the various “nimble solutions” that have cropped up to tackle financial exclusion now need to join forces.
“The need to move the goal from merely access to well-informed usage is increasingly recognised in the development community,” he said at a roundtable hosted by the World Bank and Bank for International Settlements (BIS).
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