FILE PHOTO: A view of the Monetary Authority of Singapore building in Singapore April 18, 2016. REUTERS/Edgar Su/File Photo
Singapore is discussing the possibility of allowing virtual banks to operate in the city state, the Monetary Authority of Singapore said on May 7.
“MAS is studying whether to admit such digital-only banks with non-bank parentage,” the financial regulator said in an emailed reply to questions from Bloomberg News. “We have been engaging relevant stakeholders to ascertain the unique value that such entrants could bring to our banking landscape, and understand how potential risks will be managed and contained.”
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