Cash Lock Safeguarded S$6.6B Throughout Over 78,000 Singapore Accounts



April 2, 2024

For the reason that launch of the Cash Lock function by three native banks – OCBC, DBS, and UOB – in November, over 78,000 accounts have been established with greater than S$6.6 billion of financial savings securely put aside as of March 2024.

This initiative, geared toward offering clients with enhanced safety in opposition to digital scams, permits people to dam on-line entry to a portion of their funds.

Alvin Tan, Minister of State for Commerce and Business, and for Tradition, Group and Youth, and a board member of the Financial Authority of Singapore (MAS), shared these figures in a response to a parliamentary query.

The query sought to inquire about the way forward for the Shared Accountability Framework (SRF) for tackling phishing scams, the adoption charges of the Cash Lock function amongst totally different age teams, and whether or not MAS intends to mandate this safety measure throughout all banking establishments.

The federal government is at present reviewing suggestions from a public session that ended on 20 December 2023, earlier than finalising the SRF. This framework is predicted to be carried out later within the 12 months, following a complete assessment of the recommendations obtained.

Relating to the adoption of Cash Lock, information reveals vital curiosity throughout numerous age teams. Prospects aged 50 and above account for 44% of the customers, these between 30 and 50 years make up 41%, and youthful clients underneath 30 signify 15%.

Moreover, Tan famous that extra main retail banks are set to introduce Cash Lock by mid-2024, making certain {that a} overwhelming majority of retail depositors may have the choice to guard their funds.

Regardless of the optimistic reception and growing availability of Cash Lock, MAS has no present plans to make it obligatory for all banking establishments.

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