Home News Startups, Entrepreneurs, Digital economy

Singapore to permit banks to enter non-financial e-commerce

Reuters
Reuters6/28/2017 1:10 PM GMT+08  • 2 min read
Singapore to permit banks to enter non-financial e-commerce
SINGAPORE (June 27): Singapore will streamline regulatory requirements for banks seeking to conduct or invest in non-financial businesses and also allow them to operate non-financial e-commerce platforms, as banks face rising competition from non-traditio
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

SINGAPORE (June 27): Singapore will streamline regulatory requirements for banks seeking to conduct or invest in non-financial businesses and also allow them to operate non-financial e-commerce platforms, as banks face rising competition from non-traditional players.

Finance Minister Heng Swee Keat, speaking at an event organised by the Association of Banks in Singapore late on Tuesday, said that these will be businesses that are related to or complementary to banks' core financial operations.

"The line between financial and non-financial business is blurring. Banks are facing increasing competition from online and non-financial players that have leveraged their large user base to provide digital wallets, payments and remittance services," Heng said.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.