Monetary Authority of Singapore: coverage, rules and key facts

Singapore's central bank and financial regulator. In July 2024 it announced, with the Association of Banks in Singapore, that banks would phase out OTPs for customers using digital tokens.

Coverage

Explainer · Authentication & MFA

SMS one-time passcodes are “restricted” under NIST’s new guidelines. Here’s what that means for US banks

Revision 4 keeps SMS codes on the permitted list, with strings attached, and adds synced passkeys as a phishing-resistant alternative. The strings read like a migration plan.

[Editor Name] · Sep 24, 2026

News · APAC & Gulf

Singapore banks to phase out OTPs for customers with digital tokens

MAS and the Association of Banks in Singapore say customers who have activated a digital token on their phone will no longer be able to log in with a one-time passcode.

[Editor Name] · Jul 9, 2024