SINGAPORE: Funds transfer services PayNow and Fast (Fast And Secure Transfers) will soon become more widely used in Singapore, with financial institutions other than banks tapping the platforms.
This is set to make e-payment adoption simpler for both businesses and individuals.
Starting February 2021, eligible non-bank financial institutions would have direct access to the banking system’s retail payments infrastructure, said the Monetary Authority of Singapore (MAS).
This means that non-bank financial institutions (NFIs) that are licensed as major payment institutions will be allowed to connect directly to Fast and PayNow.
These NFIs include Grab Financial Group, which operates mobile wallet GrabPay; Razer Fintech, the financial technology arm of gaming firm Razer; and e-wallet Singtel Dash. — Straits Times/ANN
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