Stefanie Yuen Thio was quoted in The Business Times by Yong Jun Yuan.

The article highlighted how digital payment token (DPT) service providers are at higher risk of facilitating terrorism financing (p. 1).

It included Stefanie’s comments on how Singapore has one of the highest penetrations of digital payments in the world, and a large migrant population that uses remittance services. New modes of financial transfers such as DPTs also make conducting know-your-customer (KYC) processes difficult.

Stefanie said that while she expects KYC processes to become more stringent, she believes that they should be done smartly and not simply create more administrative work. She called for the need to balance between stringency in KYC processes and maintaining effective business processes, and highlights the importance of educating the general public.