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Singapore Wants to Become an Asian Hub for Virtual Banks

  • MAS chief wants nation to host Southeast Asian tech firms
  • Fintech companies have data to make loans quickly, Menon says
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Monetary Authority of Singapore Managing Director Ravi Menon discusses Plans to create a virtual bank hub.(Source: Bloomberg)

Singapore’s welcome mat to virtual banks is going beyond its own shores.

The island nation wants to become a regional hub for technology firms with advanced data expertise, said Ravi Menon, managing director of the Monetary Authority of Singapore. Doing so would improve banking services at home and in other parts of Southeast Asia, he said.