New: You can now listen to articles.SINGAPORE: More than S$5.4 billion of savings have been set aside in over 61,000 bank accounts with a “money lock” feature as of February, said Minister of State for Trade and Industry Alvin Tan on Thursday .Customers can lock up their money using the bank’s app or internet banking, but these funds can only be unlocked in person at bank branches or via ATMs.
Mr Tan, who is a board member of the Monetary Authority of Singapore , said banks will continue to make it easier for customers to use “money lock” by taking into consideration customer feedback and the collective implementation experience across the industry. “MAS will work with the banks to continue to encourage customers to adopt ‘money lock’ and also to monitor the effectiveness of ‘money lock’,” he said.
Source: News Formal (newsformal.com)