, Singapore
Photo by Anna Shvets: https://www.pexels.com/photo/person-in-white-long-sleeve-shirt-holding-credit-card-4482896/

Around 38,000 accounts activate ‘Money Lock’ feature

The activation resulted in over $3.2b of savings that were set aside.

The "Money Lock" launched by local banks in November has been activated on around 38,000 accounts, garnering total savings reaching over $3.2b, according to Deputy Prime Minister Lawrence Wong.

The “Money Lock” feature allows customers to save a portion of their funds in their bank accounts that cannot be transferred digitally, providing them protection in case their accounts get compromised.

Wong added in his written response to a query by Member of Parliament Saktiandi Supaat that the Monetary Authority of Singapore (MAS) is coordinating with other major retail banks to launch as well.

READ MORE: Here's how OCBC's new money lock feature works

MAS is also working with financial institutions, industry players, and other government agencies to combat scammers through technologies and solutions, Wong said.

“MAS will continue to work with financial institutions to assess additional measures for higher risk transactions, including those relating to transfers to overseas payees and access of bank accounts from overseas locations. These and other measures will be rolled out if assessed to be effective,” the deputy prime minister said.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!