In Singapore will be allowed to use social networks to transfer money


According to the newspaper Financial Times, the customers of Singapore banks is proposed to be attached to your account ID in Facebook or Twitter. In this case, intra-Bank money transfers through the Singapore system FAST customers can enter their social media accounts instead of the account number.

A pilot version of the new system should be launched in the first quarter of 2017.

Financial Times experts indicate that banks have previously developed a system in which to access the account you need to enter the cell phone number. Social networking accounts — the next step in this direction.

This analyst McKinsey HV Vinayak stressed that the main obstacle for innovations will be the issue of security of personal data. The experience of India, which carried out the relevant experiments, have shown that people are not always ready to trust their banks to use the service, attach your ID on the social network to the Bank account.

The Singapore system FAST connected 20 local banks, including branches of large foreign financial institutions like HSBC and Citi. You can use it to make money transfers in Singapore dollars between participants of the system.