<ul><li>Deputy Prime Minister and Chairman of the Monetary Authority of Singapore (MAS) Gan Kim Yong addressed the safety of digital banking services for minors under 16.</li><li>Bank accounts for minors can only be opened by parents, either as joint accounts or accounts solely in the child’s name.</li><li>Measures include lower daily transaction limits, monitoring tools for parents, and security measures such as real-time alerts and mechanisms to prevent unauthorized transactions.</li><li>The upcoming Shared Responsibility Framework will ensure banks compensate scam victims and outline investigation timelines for fraudulent activity.</li></ul>

Upcoming Shared Responsibility Framework Will Protect Minor’s Bank Accounts

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