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.

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Sophia Tan

About the Author

Helen Lili – Editor, Research Lead
Helen leads tariff analysis and product change tracking. She maintains the normalized dataset that powers our comparison tables and ensures each claim links back to a dated primary source. Read more articles

Disclaimer:The BankOpen Singapore Editorial Team consists of financial analysts, banking industry professionals, and experienced writers. We are dedicated to providing accurate, up-to-date, and practical insights to help readers navigate Singapore’s banking landscape and make informed financial decisions. The information provided in this article is for general informational purposes only and does not constitute financial, investment, or legal advice. Always consult with a qualified professional before making any banking or investment decisions.