MAS backs removing aliases from Singapore’s payments app
Central bank says change is to prevent scams, not increase traceability of payments
Singapore’s central bank today (June 3) defended a decision to prevent the use of aliases on the country’s instant payments app, stating that the move would reduce fraud rather than increase traceability.
The Monetary Authority of Singapore (MAS) published a joint letter with the Association of Banks in Singapore (ABS) that rejected claims made last week in an opinion piece in the Straits Times. “The sole objective of the removal of PayNow nicknames is to address impersonation scams,” said the
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