Read more at https://www.channelnewsasia.com/news/business/mas-issue-five-new-digital-bank-licences-tharman-abs-11671314
28 Jun 2019 09:30PM
Danny Lum
(1) Thought Singtel announce its intention to go into digital full bank.
This will help Singtel to open up new business area - which is lucrative - and can arrest its falling profit due to heavily crowded telco space - domestically and in international market.
(2) Grab also indicated interest.
This will help Singtel to open up new business area - which is lucrative - and can arrest its falling profit due to heavily crowded telco space - domestically and in international market.
(2) Grab also indicated interest.
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Danny Lum
(1) Tech companies with HQ in Singapore and regional business should be the best candidate - as it can provide virtual and digital banking not only to Singaporeans - it can also provide digital banking services to regional consumers.
(2) This indeed will jreinforce Singapore as a regional digital banking hub.
(2) This indeed will jreinforce Singapore as a regional digital banking hub.
John Low
Grab does not qualify for any of these banking licenses. They had displayed anti competition characteristic in the past and fined for merging with Uber. Many people want to have these licenses, we are not lack of applicants, it is not necessary to give to the most prominent guy in town. We need to give to reliable and trustworthy people that have our country interest as their priority. Everyone knows that hard attitude Grab displayed in the past towards their partners and riders. We do not want company like this to strangle us with their smart aleck attitude especially in our finance sector.
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Long See Hooi
great...this will motivates to improve on its offering to the consumers. But obviously, there are many regulations that need to be resolve and regulators will need to be up to mark. This will bring about a new born governance framework with improve monitoring to ensure fair treatment of customers and conduct from the licensed digital banks
Like · Reply · 4h
KT Tan
Some key concerns I have.
1.Would there be an authority to hold on to the unused monies being deposited, in case there is yet another hit-and-run operator in town?
2. If the system suffers from virus attack or tech failure, resulting in the loss of transacted / bank account monies, would it be a finger-pointing exercise? Where could victims go to seek help from? Any protection / assurance by which entity?
3. How would the personal banking information be safeguarded against private non-bank operators, since there might be some banking links to such entities somehow? Would our personal information be freely distributed without consent?
1.Would there be an authority to hold on to the unused monies being deposited, in case there is yet another hit-and-run operator in town?
2. If the system suffers from virus attack or tech failure, resulting in the loss of transacted / bank account monies, would it be a finger-pointing exercise? Where could victims go to seek help from? Any protection / assurance by which entity?
3. How would the personal banking information be safeguarded against private non-bank operators, since there might be some banking links to such entities somehow? Would our personal information be freely distributed without consent?
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