23 June 2018
Visit www.worldwealthreport.com/

Singapore to let banks move into e-commerce

28 June 2017  |  12036 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!
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!
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  |  9872 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  |  9118 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  |  10246 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  |  16520 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  |  9907 views  |  0 comments | 11 tweets | 13 linkedin
Singapore makes cashless payments push

Singapore makes cashless payments push

19 August 2016  |  13578 views  |  0 comments | 18 tweets | 20 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit https://info.nice.com/Visit equensworldline.comVisit https://secure.vasco.com

Top topics

Most viewed Most shared
GPS raises £44 million to fund international growthGPS raises £44 million to fund intern...
26185 views comments | 7 tweets | 8 linkedin
Robots save Nordea from GDPR processing nightmareRobots save Nordea from GDPR processing ni...
9073 views comments | 10 tweets | 17 linkedin
BIS: Cryptocurrencies are an environmental disaster that could break the InternetBIS: Cryptocurrencies are an environmental...
8370 views comments | 18 tweets | 23 linkedin
hands typing furiouslyArtificial Intelligence at the changing fa...
7215 views 0 | 10 tweets | 5 linkedin
Visa says 5.2m payments failed during 10 hour outageVisa says 5.2m payments failed during 10 h...
6247 views comments | 14 tweets | 10 linkedin

Featured job

Six-Figure Base + OTE + Benefits
London, UK

Find your next job