SINGAPORE: At least three more major banks, including HSBC, Maybank, and Standard Chartered, plan to offer the “money lock” option to Singapore customers as early as the middle of this year.
The anti-scam security function protects accounts by allowing users to set aside money that cannot be transferred digitally.
The action comes after big local banks DBS, OCBC, and UOB introduced the protection in November last year.
The banks stated that, while the number of people using the tool to protect their savings is increasing, the majority of them are elderly customers.
Young adults under 30 account for as little as 15% of such “money lock” consumers.
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