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Singapore banks to allow cellphone numbers for transfers

Institutions embracing fintech to serve the mobile-first generation

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United Overseas Bank (UOB), DBS and Oversea-Chinese Banking Corp (OCBC) automated teller machines are pictured at the airport in Singapore.   © Reuters

SINGAPORE -- The Association of Banks in Singapore will soon launch a new service enabling retail account holders at seven banks here to send one another money by using cellphone numbers instead of account numbers.

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