Regulation spurs innovation for greater financial inclusion
Greater government-to-government collaboration is essential to enable unprecedented levels of financial inclusion, opportunities in South-east Asia.
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IT HAS been 2 years since the Payment Services Act took effect in Singapore. This landmark legislation has been hailed for successfully balancing consumer protections with opportunity to innovate in Singapore's flourishing fintech sector.
Fintech has been transformative in Singapore, as well as South-east Asia as a whole. The rise of digital wallets, embedded finance, and cryptocurrencies have provided new access points to financial services, attracting new players and encouraging startups and new business innovations.
Digital wallets initially grew as a function of e-commerce platforms, allowing for online merchant payments as well as peer-to-peer (P2P) services such as ride hailing. Today, they sit alongside traditional payment providers, facilitating payments in bricks-and-mortar retail stores, as well as enabling innovations in new services that create jobs and wider economic participation.
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