News — Regulation

APIs May Be The Key To Singapore’s Open Banking Future

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Banking is no longer just for traditional FIs, thanks to open banking’s spread. Digital banking development is poised to explode in Singapore, where legacy institutions have traditionally dominated. This prospective growth can largely be attributed to the Monetary Authority of Singapore (MAS), the region’s main regulator, which announced in June 2018 that it would grant five digital banking licenses to third-party companies. Just two of these licenses will afford approved companies full banking privileges, which represent an entryway into a market with one of the fastest-growing digital economies in the world. The news set off a high-stakes race among today’s...

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