Singapore’s regulator has handed a significant boost to its fintech sector, announcing that non-banks will be granted access to its real-time central payments infrastructure.
The Monetary Authority of Singapore (MAS) said on Monday that access to the Fast and Secure Transfers (FAST) system would no longer be restricted to banks, alongside the launch of a single harmonised QR code for mobile payments.
Speaking at an event, MAS board member and minister for education Ong Ye Kung said the regulator had decided “to open up FAST to other non-bank e-wallet payment solutions, so that they can interoperate with bank accounts”.
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