Singapore pushes digital banks in face of tightening security

“Regulatory tightening that’s happening in China will not have an impact on the digital banks here, ” Ravi Menon, managing director of the Monetary Authority of Singapore, said in an interview ahead of Singapore’s annual fintech festival that starts Dec 7.

SINGAPORE: Singapore’s financial regulator will stick with its plans to award digital banking licences by the end of the year, undeterred by tightening scrutiny in China and the United States that’s hitting major Chinese applicants.

“Regulatory tightening that’s happening in China will not have an impact on the digital banks here, ” Ravi Menon, managing director of the Monetary Authority of Singapore, said in an interview ahead of Singapore’s annual fintech festival that starts Dec 7.