On 24 May 2016, ChanelNewsAsia reported MAS’s order for BSI Bank to shut down in Singapore. Dr.Bernard Lee, founder and CEO of fintech firm HedgeSPA, was quoted to give his comment:

“Any material impacts, like job losses, etc, may be contained because there is an existing deal to merge EFG with BSI. Such a deal can simply be (re)structured as an asset acquisition,”

Press from ChanelNewsAsia: http://www.channelnewsasia.com/news/singapore/mas-orders-bsi-bank-to/2811530.html