Seamless banking for Singaporeans on single platform

SMU Assistant Professor of Finance (Education) and Programme Director of the Citi-SMU Financial Literacy Programme for Young Adults Aurobindo Ghosh cautioned that there may be some kinks at the outset because of legacy systems in different banks. "The main hurdle is to have some uniformity or standardisation of financial services and protocols that are universally adopted, including access to data APIs across different institutions," he said. Data security would also have to be held to a very high standard for these platforms to be more widely adopted and to carry innovative products such as debt consolidation, he added.