E-banking creates virtual headaches

Ahead of MAS regulations and legal frameworks, OUB and rival OCBC have created stand alone e-banks.

In the race to create an e-bank you can almost hear the engines roar at the starting line, and no bank in Singapore wants to be left in the dust. Last week, OUB announced its joint venture with Dublin-based First-e to create Southeast Asia's first stand-alone bank. Not to be outdone, OCBC Bank then announced its own e-bank, claiming that it was the first, having done a soft launch days before the OUB announcement.

Virtual banks started sprouting in Europe and Japan a couple of years ago, most notably First-e and Egg Bank in Europe.áThe former was created by Enba and claims the title of Europe's first internet bank.áThe latter...

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