Experts: Expansion of payments services a boost for fintech

The move to allow non-bank financial institutions to connect directly to major funds transfer services PayNow and Fast is consistent with recent measures to develop Singapore's digital banking scene, say observers.
The move to allow non-bank financial institutions to connect directly to major funds transfer services PayNow and Fast is consistent with recent measures to develop Singapore's digital banking scene, say observers.ST PHOTO: ALPHONSUS CHERN

Singapore will become more competitive as a fintech hub once non-bank financial institutions (NFIs) are allowed to connect directly to major funds transfer services Fast (Fast And Secure Transfers) and PayNow, experts said.

The move brings Singapore a step closer to a convergence of banks and non-bank players in offering a unified banking system, said Associate Professor Lawrence Loh of the National University of Singapore Business School.

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A version of this article appeared in the print edition of The Straits Times on December 01, 2020, with the headline 'Experts: Expansion of payments services a boost for fintech'. Print Edition | Subscribe