Singapore: Direct Payment System Access 'Needs Strong Security Framework'

Fintechs have welcomed Singapore’s plans to tear down barriers to payment system access for non-banks, but experts caution that the scheme needs to be supported by a robust rulebook.

The Monetary Authority of Singapore (MAS) announced in September that it plans to let e-wallet providers sidestep banks and directly access the Fast and Secure Transfers (FAST) system — a move which is expected to reap benefits across the sector.

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