Singapore on course to be cashless society: Swedish minister

But it mustn't make the transition too quickly - to avoid financial exclusion of tech-challenged citizens

Published Fri, Nov 18, 2016 · 09:50 PM

Singapore

SINGAPORE could soon become a cashless society - but it must do it at its own pace, says Per Bolund, Sweden's Minister for Financial Markets and Deputy Finance Minister.

Mr Bolund - who on Friday gave the keynote address at the Singapore FinTech Festival's ABS-MAS RegTech Forum - told The Business Times in an interview that it's only a matter of time before cashless transactions become the norm in the Republic.

"Singapore is the gateway to Asia's financial markets and attracts talent from all over the world. It also embraces change, which is a prerequisite for a successful economy and an enabling business environment," he said.

But he noted that an overly rapid transition to a cashless society could create financial exclusion. "Citizens who are not accustomed to new technology will be left out. It's the responsibility of the government to ensure a trans…