E-wallets: Raising the bar beyond stored-value function

Singapore

WITH competition, comes innovation.

That's the dictum Minister Ong Ye Kung hopes will grip the e-payments market when non-banks join the scrum. The Education Minister, who is also board member of the Monetary Authority of Singapore (MAS), announced this week that Singapore's interbank payment infrastructure FAST will be extended to non-bank players such as fintech firms and e-payment apps by 2019.