MAS puts fintechs on notice against shadow banking
MAS says law will be enacted to require mobile wallet operators to ringfence deposits and payments so they don't function as unregulated banks
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Singapore
EVEN as the Monetary Authority of Singapore (MAS) is welcoming of fintech players, it will draw a clear line to prevent shadow banking from emerging from payment startups.
In an exclusive interview, the managing director of MAS Ravi Menon told The Business Times that under an upcoming piece of payment legislation, larger mobile wallet operators must ringfence e-wallet funds; they will also be barred from using that money to make loans.
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