MAS tells fintech platforms to communicate underlying products in investment accounts clearly: sources
It says that consumers should be clear that a fintech platform that offers underlying banking products does not equate to it being a bank
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[SINGAPORE] Fintech platforms have been told by the Monetary Authority of Singapore (MAS) to clearly communicate underlying products in their investment accounts.
This move is likely a response to the Chocolate Finance incident, when a pause on instant withdrawals due to a redemption run resulted in confusion by customers and online commenters on whether Chocolate Finance was a bank.
In an earlier interview with The Business Times, Chocolate Finance founder Walter de Oude said that “customers don’t read the fine print”, even if the asset manager has done everything it has supposed to.
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