Users of multi-currency e-wallets are now able to spend and hold more money in their accounts following recent changes to these regulatory limits.
Operators in Singapore are gearing up to roll out these changes on their platforms, with YouTrip making the first move.
The Singapore-based app announced on Jan 3 that its users can now hold up to S$20,000 (US$15,025) in their e-wallets at any point and have an annual spending limit of S$100,000.
These are the maximum limits stipulated by the Monetary Authority of Singapore (MAS) and are up from S$5,000 and S$30,000, respectively.
Another operator Revolut said it “will raise the limits for (its) users very soon” in line with official guidelines, while Wise said it is “working on implementing the changes”.
MAS first proposed increasing the limits for e-wallets offered by those who hold the major payment institution licence last October, citing the need to facilitate customer convenience and innovation.
After reviewing the feedback for its public consultation paper, the regulator put in place the higher caps on Dec 15, 2023.
