Introduced by the Singapore government, the data platform enables consumers to pull together their financial data across various sources including banks and government agencies, so they can better understand their overall financial health.
New training lab is a followup of the British bank's SG$5 million ($3.74 million) investment to boost the skillsets of its 8,000-strong local workforce, focusing on digital skillsets such as data analytics, blockchain, and artificial intelligence.
Alibaba's Ant Group and joint bidders Grab and Singtel are amongst bidders that have snagged licences to offer digital banking services in the country -- targeted to commence early-2022 -- though, the four issued is one short of the initial target of five.
Monetary Authority of Singapore will allow eligible non-bank financial institutions to have direct access to PayNow and FAST, enabling e-wallet users to make funds transfers between bank accounts and across different e-wallets.
The island-state's central bank has introduced a sustainability-linked scheme to help companies defray expenses when engaging with service providers to validate the green credentials of a loan.
The SG$35 million ($25.95 million) grant is aimed at helping small financial institutions adopt digital tools so they can be more efficient in submitting data reports to the country's industry regulator.
With their segment still largely untapped by current players, most small and medium-sized businesses in Singapore are optimistic digital banks will bring down the overall costs of banking and improve service efficiencies.
To be powered by blockchain technology, the digital registry aims to be a central database for banks to access records of trade transactions and reduce risks of duplicate financing.
Scandal-hit payments vendor can no longer offer its payment services in Singapore and must return all funds to its customers by October 14, following a directive from the country's industry regulator.
Country rolls out new three-year plan with SG$250 million ($182.1 million) investment to drive technology innovation in the financial services industry, which saw 40 innovation labs and 1,000 fintech companies set up in the last five years.