Saturday, July 13

Singapore will offer digital banking services

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Digital banking will be available in Singapore from 2022

The entire global market is evolving toward digitalization. The importance of moving to electronic interactions has also been demonstrated by the pandemic, which has forced many sectors to look for new approaches to meet the emerging challenges. Realizing the need to conduct most transactions remotely and online, a number of companies in Singapore offer digital banking services. This format aims to simplify the interaction between the financial institution and the client. The national government has already allocated the necessary licenses to start such activities.
Digital banks provide the full range of services that standard institutions have, but they will not have physical offices. The customer will be able to easily open an account, apply for a bank card or get a loan, all through an online application.
So far, the Monetary Authority of Singapore, which is in charge of monetary management, has issued licenses for official operations to 4 such banks, but over time there will be many more willing to do so. The financial institutions are allowed to operate from 2022.
The government is optimistic about the new approach to banking services. Officials hope that digitalization will provide an opportunity to improve service and increase the number of customers. Banks can work with both individuals and legal entities.

Applications for the official activities of digital financial institutions have been received from companies of various orientations. For example, Grab, a Singapore-based logistics operator, and Singtel, a telecommunications corporation, have developed a joint service. In addition to them, a technology firm Sea, a consortium of three companies, as well as the Ant Group, which belongs to the owner of Alibaba Group, received the right to operate. In all, more than 20 applications have been submitted to the board.
For several decades, Singapore has been ranked as a country that actively implements modern technology and is not afraid of innovation. Another piece of news that signals progress is the launch of an air cab. The German company Volocopter has signed an agreement with the local authorities to introduce an air passenger transportation service. According to the project, within three years, a cab service equipped with ultralight helicopters will start operating in Singapore. It will be able to deliver two passengers on a predetermined route. Initially, helicopters will be able to provide services in the southern part of Singapore and in the vicinity of the city’s business district. Over time, the delivery area will expand.
The ultralight helicopter is electrically powered, equipped with 18 rotors and travels almost silently. Carrying capacity of the aircraft is 450 kg, it can cover a distance of 30 km. In addition, the aircraft will also carry passengers on autopilot. The client will be able to program the route of the trip in a special application.

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