SFF x Switch 2020 Ep 1: New digital banks to jazz up Singapore

9:30 min

Synopsis: The Business Times speaks with the Monetary Authority of Singapore's managing director Ravi Menon in a wide-ranging interview ahead of the annual Singapore Fintech Festival from Dec 7-11, 2020. This special edition will come with four exclusive podcasts for our listeners.

Follow all our coverage of this year's festival at bt.sg/sffxswitch2020.

In this first episode, BT's banking and finance editor Jamie Lee sounds out Mr Menon on the excitement over digital banks. He tells us why digital banks now have an even bigger playing field in the post-Covid world. 

1. What is the fresh gameplan brought on by digital banks? (1:38)
2. Micro enterprises find it tough to get just $200 overnight from banks to make an urgent payment. It's a gap to fill, and the lesson comes from China (1:59)
3. Digital bank applicants had to overhaul proposals, as MAS asked how they would cope in the post-Covid world (3:15)
4. Given the spate of cybersecurity breaches, digital banks cannot compromise on standards here (6:45)

Produced by: Jamie Lee and Lee Kim Siang

Edited by: Adam Azlee

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Do note: Any financial or investment information in this podcast is for use in Singapore only and is intended to be for your general information. Any particular investment or decision should only be made after consulting with a fully qualified financial adviser.