What's the point of this new UOB banking function?

[Cruxx]

Cannot draw more than $500 gum lan?

 

[jw5]

Cannot draw more than $500 gum lan?

Some people draw less than $500 to have their lan gummed.

 

[Clone]

I usually draw $200, just in case.

 

[Muthukali]

So I no smartphone how? back to ATM card?

 

[Forvendet]

All new bank products must be approved by MAS. An audit trail is a must for all activity including fund transfers. The TM card is an access and authentication device. It carries no history of transaction activities at all. It carries code in the mag stripe and the password that you memorise to do a transaction. So instead of the code from your card mag stripe, that code is now in your handphone. I know of people who have their entire account emptied over a period of days after their card was skimmed in an ATM and the card details including the PIN was captured via pinhole camera. Without the card and an OTP, the risk is lesser.

What a surprise. I notice Scroobal is banned. Who banned him? Anyway, I only want to address the issue. I was a banking compliance officer.

All banking and financial products, accounts and schemes need no approval from MAS. The statute laws and subsidiary directives are there. Just comply and conform and file the documentation with MAS. MAS never check beyond compliance to laws and directives which don't cover product designs. The banks just file the documents with MAS. If there's something going wrong that breaches laws and directives, MAS then retrieve the filed documents to see whether complaint is valid. Classic case was of course the 2008 Minibond Crisis. MAS don't approve product designs. They're regulators, yes, but they're concerned mostly with money supply and credit. They're most concerned about simple current account overdrafts and credit cards. That's effectively printing virtual money not yet printed.

 

[Cruxx]

I wonder who gets out of his house with no wallet but a smart phone.

 

[Muthukali]

What a surprise. I notice Scroobal is banned. Who banned him?

Yeah, its Alamaking.

 

[Rogue Trader]

What a surprise. I notice Scroobal is banned. Who banned him? Anyway, I only want to address the issue. I was a banking compliance officer.

ooohhh mystery mystery.....

All banking and financial products, accounts and schemes need no approval from MAS. The statute laws and subsidiary directives are there. Just comply and conform and file the documentation with MAS. MAS never check beyond compliance to laws and directives which don't cover product designs. The banks just file the documents with MAS. If there's something going wrong that breaches laws and directives, MAS then retrieve the filed documents to see whether complaint is valid. Classic case was of course the 2008 Minibond Crisis. MAS don't approve product designs. They're regulators, yes, but they're concerned mostly with money supply and credit. They're most concerned about simple current account overdrafts and credit cards. That's effectively printing virtual money not yet printed.

MAS oversees all banking and financial institution payment/settlement functions - from both the risk (security) and cost (efficiency) POVs.

I think you should just stick to breakfast threads or break limbs discussions.

 

[Jimmy1978]

Seems like a pointless feature to me. If I'm already at the machine, I might as well use a ATM card right. I prefer DBS' mbanking app anyway, can check balance, pay bills and most importantly…find ATM! Haha..