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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A version of this article appeared in the print edition of The Straits Times on May 22, 2019, with the headline 'Why I would welcome virtual banks'. Print Edition | Subscribe