High fees charged by credit cards

Hi Mr Tan,
thought you might be keen on posting this on your blog

http://www.mobilepaymentstoday.com/article/197457/Credit-card-settlement-may-benefit-mobile-alternative-payment-methods?utm_source=NetWorld%20Alliance&utm_medium=email&utm_campaign=EMNAMPT07182012

In short, the above article indicates that the card companies have
finally bowed to regulators and consumers.

However, in asia (and of course Singapore).....


a) the fees charged by card companies in asia are way too high, making
crazy profits on this
b) the bank rates they charge, in collusion with the banks, for any
overseas transactions, are equally crazy.

Somehow, i don't see MAS taking a more pro-active stance on things.