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Commercial banks. Commercial banks in Singapore may undertake universal banking, such as the taking of deposits and the provision of cheque services and lending, as well any other business authorised by the Monetary Authority of Singapore, including financial advisory services, insurance brokering and capital market services, as long as they are permitted under section 30 of the Banking Act.
NETS Debit on various payment terminals (clockwise from top-left): Verifone VX520, Verifone VX820, Ingenico ICT250, Ingenico ISC250. Network for Electronic Transfers, colloquially known as NETS, is a Singaporean electronic payment service provider. Founded in 1986 by a consortium of local banks, it aims to establish the debit network and drive ...
DBS Bank Limited is a Singaporean multinational banking and financial services corporation headquartered at the Marina Bay Financial Centre in the Marina Bay district of Singapore. The bank was previously known as The Development Bank of Singapore Limited , which " DBS " was derived from, before the present abbreviated name was adopted on 21 ...
Singapore's central bank plans to issue up to five digital bank licenses to suitable applicants, in a move that could deliver the biggest shake-up in two decades in a market dominated by local banks.
Singapore is issuing up to two digital retail and three wholesale bank licences, and bidders need S$1.5 billion ($1.1 billion) in paid-up capital. Singapore to assess COVID-19 impact on digital ...
Lai, one of the most senior executives at GXS Bank, had co-led Grab's foray into the region's burgeoning financial services sector in the last few years and moved to GXS earlier in 2022.
The affected services included the bank's internet and mobile banking platforms, the PayNow service, ATMs, cards, and Velocity, the bank's digital business banking platform. All banking services were restored at about 12.20pm. According to media reports, OCBC shares gained 1.05% in afternoon trading that day. On 7 November 2023, the bank's ...
Where the national average is 0.45% at a traditional bank, yields at digital banks range from 0.5% up to 5% or more for high-yield savings and money market accounts.
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