Eligible non-bank financial institutions (NFIs) licensed as major payment institutions will now have direct access to Fast and Secure Transfers (FAST) and PayNow, says the Monetary Authority of Singapore (MAS) on Nov 30.

The NFIs will have be able to gain access to the banking system’s retail payments infrastructure from February 2021.

Direct connection to FAST and PayNow means users of NFI e-wallets will be able to make real-time fund transfers between bank accounts and e-wallets, as well as across different e-wallets from users or applications that will be joining FAST or PayNow.

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