Singapore is discussing the possibility of allowing virtual banks to operate in the city-state, the Monetary Authority of Singapore (MAS) said yesterday.
“MAS is studying whether to admit such digital-only banks with non-bank parentage,” the financial regulator said in an e-mailed reply to questions from Bloomberg News. “We have been engaging relevant stakeholders to ascertain the unique value that such entrants could bring to our banking landscape, and understand how potential risks will be managed and contained.”
The MAS said in the statement that digitalization is not new t…
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