News & Views

10.10.2017

Fintonia's views on Singapore's drive towards cashless payments

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Fintonia's views on Singapore's drive towards cashless payments

Fintonia Chairman Adrian Chng was recently asked for his views by Singapore's Business Times about the country's ambitions for using e-payments and becoming a cashless society.

Fintonia's views on e-payments in Singapore that were quoted by Business Times include:

"....building a ubiquitous e-payment scheme is a "network-effect and winner-takes-all" type of activity....."

"The likely dominant solution is a party that already has a large enagaged base of users....and is able to subsidise losses in e-payments while making profits elsewhere in the business value chain..."

"Financial payments using tech is, in itself, a low-value activity..."

For the full article and perspectives quoted by Business Times, please see: https://www.businesstimes.com.sg/technology/many-recipes-but-singapores-cashless-appetite-still-not-sated