Individuals are the biggest winners of financial liberalisation

Singapore is at the forefront of a larger, global movement. ST PHOTO: LIM YAOHUI
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A quiet revolution in our financial system has taken place over the past decade, with various parts of the system gradually liberalised to allow fintech companies to participate and to grow.

Fittingly, as the decade drew to a close last month, the Monetary Authority of Singapore (MAS) awarded four digital banking licenses to tech outfits, opening up business areas - such as mortgages - once considered exclusive to traditional banks.

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