No reason for financial exclusion in a digital age

THERE are signs that the risks of financial exclusion are being watched with care by regulators here, even as Singapore readies itself for an increasingly digital world.

The latest signal came from a recent speech by a senior regulator on efforts to raise standards to uncover money-laundering activities.

While compliance standards have risen, there is no excuse for banks to exclude certain groups of consumers. In particular, said Ho Hern Shin, MAS' assistant managing director of the banking and insurance group, MAS has heard of ex-offenders being denied a bank account.