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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

With T-shirts rooting for digital payments are (from left) DBS Group chief executive Piyush Gupta, Association of Banks in Singapore director Ong-Ang Ai Boon, Finance minister Heng Swee Keat and Wee Ee Cheong, deputy chairman and chief executive of the UOB Group.


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....