The Monetary Authority of Singapore encourages people to use digital banking services

The Monetary Authority of Singapore (MAS) has urged individuals and businesses to use digital financial services and e-payments to help curb the spread of the coronavirus.

The regulator has also asked people to minimise their visits to financial institutions, as the country implements safe distancing measures.

MAS is expecting financial institutions to provide as many basic financial services through digital channels as possible. This includes video and tele-conferencing to support customer verification.

In addition to promoting the use of these digital services, MAS is asking financial institutions to offer customers guidance on how to use them.

MAS is working with The Association of Banks in Singapore (ABS) to promote greater adoption of e-payments by individuals and businesses. The pair will launch a campaign to promote the ABS’ digital payment app PayNow.

Earlier this week, MAS revealed a SGD $125m support package which will help financial institutions and FinTechs grow once the coronavirus pandemic has subsided.

Copyright © 2020 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.