UK-Singapore FTA may loosen e-wallet rules for UK financial firms here
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SINGAPORE's latest trade deal with the UK may translate to more attractive terms opening up for UK-based financial firms operating here.
Under the free trade agreement (FTA) signed on Thursday, Singapore has agreed to start a review next year to consider raising the e-wallet payment limits under the Payments Services Act (PS Act), which impacts fintechs such as TransferWise and Revolut. The Republic will also discuss opportunities for UK firms to apply for digital wholesale bank (DWB) licences here.
In response to queries from The Business Times, a Monetary Authority of Singapore (MAS) spokesperson said the upcoming review of the payments limit in 2021 is a "planned" review.
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