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Experts: Expansion of payments services a boost for fintech
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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
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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.
