Security is a top concern when it comes to online banking. Here’s how Singapore’s digital banks are regulated, and how they protect your funds and data.

Regulatory Oversight

All digital banks in Singapore are licensed by the Monetary Authority of Singapore (MAS).

Security Measures in Place

  • End-to-end encryption
  • Two-factor authentication (2FA)
  • Fraud monitoring systems
  • Regular audits and penetration testing

Deposit Protection

  • Up to SGD 75,000 per depositor is insured under SDIC, just like traditional banks.

FAQ:
Q1: What happens if a digital bank fails?

A: Deposits are protected under Singapore’s deposit insurance scheme (SDIC).

Q2: Can digital banks freeze my account?

A: Yes, in cases of suspected fraud or non-compliance with terms of service.

User Comments:

“I was skeptical at first, but the security features are impressive.” — Nadine S.

“Knowing MAS regulates them gave me confidence.” — Wei J.

Editor’s Note:

Digital convenience doesn’t mean lower safety. In Singapore, digital banks follow strict guidelines to ensure trust.

Tags: digital-bank-security, fintech-regulation, MAS-digital-banks, sdic

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Sophia Tan

About the Author

Helen Lili – Editor, Research Lead
Helen leads tariff analysis and product change tracking. She maintains the normalized dataset that powers our comparison tables and ensures each claim links back to a dated primary source. Read more articles

Disclaimer:The BankOpen Singapore Editorial Team consists of financial analysts, banking industry professionals, and experienced writers. We are dedicated to providing accurate, up-to-date, and practical insights to help readers navigate Singapore’s banking landscape and make informed financial decisions. The information provided in this article is for general informational purposes only and does not constitute financial, investment, or legal advice. Always consult with a qualified professional before making any banking or investment decisions.