24 September 2017
visit www.avoka.com

Singapore to let banks move into e-commerce

28 June 2017  |  10573 views  |  2 Singapore Building 1

Singapore is changing its regulations to make it easier for banks to move into non-financial but complementary business areas such as e-commerce.

In a speech, Singapore's finance minister Heng Swee Keat said that rules introduced in 2001 to ensure banks focused on their core competencies are no longer as relevant.

"Banks are facing increasing competition from online and non-financial players that have leveraged their large user base to provide digital wallets, payments and remittance services," he noted.

Meanwhile, the rise of online and mobile banking has opened up the possibilities for banks to deliver value-added services to customers.

To help them take advantage of this, the Monetary Authority of Singapore (MAS) will streamline regulatory requirements for banks seeking to conduct or invest in permissible non-financial businesses that are related or complementary to their core operations.

This means the banks will no longer need to seek prior regulatory approval before carrying out non-core business or buying major stakes in firms that do.

In addition, MAS will allow banks to operate digital platforms that match buyers and sellers of consumer goods or services, as well as to conduct the online sale of such goods or services - as long as they are related or complementary to banks’ core financial businesses.

The speech came as seven Singapore banks gear up to launch a peer-to-peer money transfer service called PayNow, enabling customers to send funds between bank accounts using just their phone numbers, almost instantly.
KeywordsE-COMMERCE

Comments: (2)

Hitesh Thakkar
Hitesh Thakkar - FIS Payments Software and Services India - India | 28 June, 2017, 13:08

Kudos to MAS to start more level playing game in the country.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
A Finextra member
A Finextra member | 29 June, 2017, 09:57

Was kind of strange to ban it in the first place...

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Singapore opens up on DLT trials

Singapore opens up on DLT trials

31 May 2017  |  9185 views  |  0 comments | 10 tweets | 12 linkedin
MAS joins forces with World Bank's IFC to push Asian fintech innovation

MAS joins forces with World Bank's IFC to push Asian fintech innovation

24 May 2017  |  8139 views  |  0 comments | 9 tweets | 8 linkedin
Singapore rolls out document-free account opening pilot

Singapore rolls out document-free account opening pilot

03 May 2017  |  9341 views  |  1 comments | 10 tweets | 39 linkedin
London and Singapore remain world's top fintech hubs

London and Singapore remain world's top fintech hubs

10 April 2017  |  14888 views  |  0 comments | 34 tweets | 30 linkedin
Singapore proposes new regulatory framework to handle payments innovation

Singapore proposes new regulatory framework to handle payments innovation

25 August 2016  |  9070 views  |  0 comments | 11 tweets | 13 linkedin
Singapore makes cashless payments push

Singapore makes cashless payments push

19 August 2016  |  12840 views  |  0 comments | 18 tweets | 20 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.temenos.comvisit www.capgemini.comvisit www.vasco.com

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
13391 views comments | 28 tweets | 44 linkedin
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
9742 views comments | 13 tweets | 28 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8591 views comments | 19 tweets | 27 linkedin
SBI Ripple Asia advances on South KoreaSBI Ripple Asia advances on South Korea
8365 views comments | 16 tweets | 1 linkedin
European Commission makes fintech a priority in supervisory shakeupEuropean Commission makes fintech a priori...
8076 views comments | 32 tweets | 45 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job