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Economic Affairs
Why I would welcome virtual banks
They are not only better placed to offer cheaper services and more attractive rates but are more innovative too in the services they offer, compared to traditional banks
The Monetary Authority of Singapore (MAS) is considering allowing digital-only banks in Singapore - that is, banks that can operate virtually, without necessarily having any physical branches. If this happens, it will be a big deal and will change banking in Singapore as we know it.
As a consumer, I look forward to that change. Let me explain why.
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