Embedded in a banking services ecosystem, they can help consumers handle their financial affairs more efficiently. New business ideas will prosper and economic transactions can be conducted more seamlessly if supported by the right payment set-up as part of digitalized processes across interconnected organisations. Value-added services for example can facilitate the management of cash flows for consumers and businesses.
In light of these developments, the Bank has continued to reduce the amount of monetary stimulus in the economy, raising the target for the overnight interest rate by 25 basis points on three occasions in April, June, and July - to bring the rate to 2 3/4 per cent.