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Digital banking can be a double-edged sword

While benefits include competition and innovation, digital banking also increases organisations' risk by enabling new forms of banking fraud.

The entry of new players in the banking industry will lead to a greater competitive landscape among its players, which will benefit consumers.

THE Monetary Authority of Singapore announced on June 18 that 14 of the 21 digital bank applicants had progressed to the next stage of assessment to compete for the two digital full bank (DFB) licences and three digital wholesale bank (DWB) licences at stake.

From a consumer's perspective...

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