Fintechs and payment firms could be big winners if Singapore’s financial regulator moves ahead with creating a new virtual banking licence, experts have said.
The Monetary Authority of Singapore (MAS) confirmed last month that it was mulling ways to formally incorporate digital-only banks in its regulatory framework.
“Technology and other non-bank firms have been making large digital strides, and they have brought substantive value to their customers in doing so,” a spokesperson for the regulator said.
“MAS is studying whether to admit such digital-only banks with non-bank parentage.
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