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This announcement came after MAS observed some DPT service providers actively promoting their services through online and physical advertisements or the provision of physical automated teller machines (ATMs) in public areas. In addition, the city-state is exploring the potential of Central Bank Digital Currencies (CBDCs).
OPEN FINANCE Open Finance, an extension of Open Banking, enables consumers and businesses to securely share their financial data with accredited third parties, allowing for improved access to financial services.
Increasing accessibility and inclusion remain significant priorities for many banks and financial institutions, although, many are still falling short of what is expected of them. However, new initiatives are coming across the globe, with the aim of making it easier for a far larger number of users to access banking services.
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