Singapore will become a more competitive fintech hub by opening up PayNow, Fast to non-banks: Experts

The two major funds transfer services will open up to non-bank financial institutions from February 2021.
The two major funds transfer services will open up to non-bank financial institutions from February 2021.ST PHOTO: ALPHONSUS CHERN

SINGAPORE - Singapore will become more competitive as a fintech hub once non-bank financial institutions are allowed to connect directly to major fund 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 from the National University of Singapore (NUS) Business School.

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