Small businesses included in deposit, policy insurance schemes

The Deposit Insurance Scheme and Policy Owners' Protection Scheme have been enhanced to extend protection to small businesses.

Previously, coverage was only for individuals and charities and the insured sum was capped at S$20,000 per insured depositor per Scheme member.

The enhancements will see coverage expanded to sole proprietorships, partnerships, companies and non-incorporated entities. The sum of cover will also be increased to S$50,000 for each depositor.

According to the Monetary Authority of Singapore, the change will "mitigate potential cash flow problems" of small business depositors in the event of a bank failure.

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