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
Add BT as a preferred source
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.
TRENDING NOW
Singapore developer in limbo after Timor-Leste’s shock scrapping of major township project
On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart
US-China summit: Trump sees ‘better’ ties, Xi warns over Taiwan, as talks conclude
That ‘cheap’ Malaysia condo could cost Singapore buyers far more than they think
