"The line between financial and non-financial business is blurring. Banks are facing increasing competition from online and non-financial players that have leveraged their large user base to provide digital wallets, payments and remittance services," Heng said.
SINGAPORE (June 27): Singapore will streamline regulatory requirements for banks seeking to conduct or invest in non-financial businesses and also allow them to operate non-financial e-commerce platforms, as banks face rising competition from non-traditional players.
Finance Minister Heng Swee Keat, speaking at an event organised by the Association of Banks in Singapore late on Tuesday, said that these will be businesses that are related to or complementary to banks' core financial operations.
