Singapore banks to be allowed to invest in digital consumer platforms
But any such investment will be capped at 10% of the bank's capital funds, says Heng Swee Keat
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Singapore
THE Monetary Authority of Singapore (MAS) will let banks in Singapore invest in digital consumer platforms such as Carousell and Qoo10, so that they can have stakes in such "permissible non-financial businesses" related to or which complement their core financial businesses.
Minister for Finance Heng Swee Keat said on Tuesday evening that MAS will streamline regulatory requirements for banks seeking to conduct or invest in digital platforms that match buyers and sellers, and engage in the online sale of consumer goods and services. The investment in such related businesses will, however, be capped at 10 per cent of the bank's capital funds.
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