BNM recommends the use of AI, machine learning or other forms of predictive algorithms to ensure accurate identification and verification, and to automate decision-making in customer onboarding.
December 17, 2019The updated supervisory policy manual seeks to strengthen risk management controls in electronic banking channels by providing more principle-based guidance.
October 25, 2019Hong Kong virtual banks are reportedly delaying plans to start promotional campaigns partly in response to city-wide protests, among other reasons.
September 18, 2019Banks cannot have executives or board members serving concurrently as directors or supervisors at the virtual banks in which they are invested.
September 13, 2019Successful applicants will be announced in mid-2020, with the expectation that they meet MAS requirements and commence business by mid-2021.
August 30, 2019Legislators and industry leaders need to work together to ensure the benefits of innovation do not come at the cost of fairness, choice, and privacy, says Zilliqa co-founder Max Kantelia.
August 27, 2019A JD Power survey has found that 65% of Singapore customers are interested in opening digital bank accounts. The survey ranked HSBC first, OCBC second and DBS third in customer satisfaction.
August 3, 2019The three digital only bank licences went to conglomerates led by Japan's LINE Group; Taiwan's Chunghwa Telecom; and Japanese e-commerce firm Rakuten Inc.
July 31, 2019According to the FSC, messenger app operator Kakao has met the qualification criteria for owning a 34% stake in Kakao Bank, one of Korea's two internet-only banks.
July 25, 2019Indigenous virtual banks, global digital-only banks, and digitised traditional banks are all vying for market share, says a new report from S&P Global Ratings.
July 18, 2019