Singapore maintains strict standards for digital banks to ensure security and stability. All licensed digital banks must comply with MAS rules on capital adequacy, cybersecurity, and AML/KYC protocols.
User data is protected under Singapore’s PDPA laws, and funds are safeguarded through ring-fencing or custodial arrangements. Businesses are encouraged to verify that their chosen provider is MAS-regulated before opening an account.
As digital finance expands, compliance will become a critical trust factor.
FAQs:
Q: How do I know if a digital bank is legitimate?
A: Check if the bank is listed on MAS’s website under licensed financial institutions.
User Comments:
- “Knowing Aspire is MAS-regulated gave us confidence to move our funds.”
- “Regulation is key—we avoid platforms without clear oversight.”
Editor’s Note:
In digital finance, trust is built through compliance—make sure your provider is transparent and regulated.