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Monetary Authority of Singapore encourages use of online financial services during pandemic

Monetary Authority of Singapore Digital Banking Licence Applications

The Monetary Authority of Singapore is urging individuals and businesses to use digital financial services and e-payments, and minimise visits to the premises of financial institutions.

This will support the elevated safe distancing measures announced by the Ministry of Health last week.

Digital Banking Solutions Offered to Support Social Distancing Measures

The Monetary Authority is expecting all financial institutions to provide as many basic financial services through digital channels as possible that do not require physical presence at financial business premises.

Financial institutions have increased their digital financial services over the last number of years and presently many retail banks, insurance companies and brokers already offer internet or mobile channels for customers to access a range of financial services.

These include making enquiries on bank account balances, bill payments, electronic funds transfers, loan facilities and applications, and managing insurance policies and investment portfolios.

Banks Asked to Promote their Range of Digital Finance Services

Singapore’s Monetary Authority is asking finance organisations to actively promote the use of digital solutions and to give their customers support and assistance on how to use them.

Banks and other financial bodies have also offered customers other non-face-to-face transaction options such as video or teleconferencing, where possible, to perform customer verification.

PayNow – Promoted E-payment Solution for Financial Transactions

The Monetary Authority is working closely with The Association of Banks in Singapore to promote greater adoption of e-payments among individuals and businesses. The Association of Banks in Singapore launch a campaign to promote the use of PayNow, PayNow Corporate, and SGQR in the coming months with the support of the Monetary Authority.

This is in addition to efforts to actively encourage all customers to adopt e-payment solutions for their financial transactions.

To date, more than 2 million individuals have registered to use PayNow. In addition, over 120,000 businesses have adopted PayNow Corporate and SGQR as a low-cost e-payment solution.

PayNow is a funds transfer service available to retail customers of nine participating banks in Singapore – Bank of China, Citibank Singapore Limited, DBS Bank/POSB, HSBC, Industrial and Commercial Bank of China Limited, Maybank, OCBC Bank, Standard Chartered Bank, and UOB.

PayNow enables retail customers of the nine participating banks to send and receive Singapore Dollar funds from one bank to another in Singapore through FAST by using just their mobile number or Singapore NRIC/FIN, almost instantly. The sender no longer needs to know the recipient’s bank and account number when transferring money via PayNow.

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