Reduce business costs

Banks in Singapore continue to adopt wasteful practices. When I make a transaction with my bank over the telephone, they insists that I sign a document and mail it to their office. They will not accept a fax. Apparently, it must be some regulation from the Monetary Authority of Singapore.

If you add the mailing and handling cost, this outdated practice must add another $1 to the transaction. The bank need to recover their cost and make a profit, so the bank charges are high.

When I transact shares with an American fund manager, they accept instructions sent through fax. It is not necessary to send the original by post to them.

I hope that the business practice of our banks in Singapore can be updated, to reduce unnecessary expenses.