Role for S'pore in mobile phone remittances

In a joint commentary, SMU Associate Professor of Economics (Practice) and Centre for Teaching Excellence Director Tan Swee Liang, SMU Office of Postgraduate Professional Programmes Senior Associate Director S N Venkat and former CEO of State Bank of India, Singapore Mr Anil Kishora shared their views on the role of mobile phone-based payment platforms for remittances. They added that Singapore is best placed to conceptualise, coordinate and develop a multi-partner cellphone-to-cellphone cross-border remittance platform spanning all major Asian recipient countries. Some factors, like Singapore's legal and regulatory expertise, strategic location and the large number of foreign workers who remit money home from Singapore were cited, among others, as the main reasons for Singapore to embark on developing such a platform.