12 Nov '17, 11am

Singapore is coaxing competing banks to collaborate on fintech

Banks in Singapore that are used to competing against one another are finding ways to collaborate in the fintech space -- under the encouragement of the Monetary Authority of Singapore. Singapore has "a good judicious balance" between collaboration and competition among local and foreign banks operating in the country, central bank Managing Director Ravi Menon said in an October interview with Bloomberg Television’s Haslinda Amin. While it is good that the banks compete quite "vigorously," there are occasions where lenders need to collaborate to maximize consumer convenience, he said. He cited two examples of good collaboration among financial institutions in Singapore: Project Ubin , where the regulator leads eight local and international banks, Singapore Exchange Ltd. and technology companies to experiment with a distributed ledger technology for interbank payments that ...

Full article: https://www.bloomberg.com/news/articles/2017-11-07/singap...

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Banks in Singapore that are used to competing against one another are finding ways to collaborate in the fintech space -- ...

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