Security is a top concern when it comes to online banking. Here’s how Singapore’s digital banks are regulated, and how they protect your funds and data.
Regulatory Oversight
All digital banks in Singapore are licensed by the Monetary Authority of Singapore (MAS).
Security Measures in Place
- End-to-end encryption
- Two-factor authentication (2FA)
- Fraud monitoring systems
- Regular audits and penetration testing
Deposit Protection
- Up to SGD 75,000 per depositor is insured under SDIC, just like traditional banks.
FAQ:
Q1: What happens if a digital bank fails?
A: Deposits are protected under Singapore’s deposit insurance scheme (SDIC).
Q2: Can digital banks freeze my account?
A: Yes, in cases of suspected fraud or non-compliance with terms of service.
User Comments:
“I was skeptical at first, but the security features are impressive.” — Nadine S.
“Knowing MAS regulates them gave me confidence.” — Wei J.
Editor’s Note:
Digital convenience doesn’t mean lower safety. In Singapore, digital banks follow strict guidelines to ensure trust.
Tags: digital-bank-security, fintech-regulation, MAS-digital-banks, sdic