78,000 Singapore bank accounts use Money Lock, securing S$6.6B in savings, with 44% users aged 50+.
78,000 Singapore bank accounts use the Money Lock service, securing over S$6.6 billion in savings. Customers aged 50 and above comprise 44% of users, with customers aged 30-50 making up 41%. Local banks plan to encourage adoption and have no plans to make Money Lock mandatory. The Money Lock feature, introduced in November 2021, blocks online access to a portion of customers' funds to protect them from digital scams.
April 02, 2024
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