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
Add BT as a preferred source
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.
TRENDING NOW
Singapore at 61: How we can ensure opportunity, security and ownership for the next generation
The S$1 million National Day paradox: ‘money dysmorphia’ amid a wealth surge
Over 2.4 million adult Singaporeans to get special S$400-S$600 cash payment in September
Why Asean matters more than ever to the UK and Singapore
