DBS hits fintech firms with large fee hikes for custodian service
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DBS will increase the fees it charges fintech firms to hold customer funds under its custodian services, a move that means higher costs for fintech companies operating payment services in Singapore.
The fee adjustment, which will take effect in April, applies to a product called virtual accounts.
Under Singapore’s Payments Services Act, major payment institutions or payment service providers that handle customer funds must hold those funds in segregated bank accounts for safeguarding.
