SINGAPORE, April 2 (Xinhua) -- Singaporean banks have set up over 78,000 bank accounts with the "Money Lock" service, setting aside savings of 6.6 billion Singapore dollars (4.9 billion U.S. dollars) as of March, an official told the Parliament Tuesday.

Customers aged 50 and above make up 44 percent of those who have used Money Lock, and those between 30 and 50 comprise 41 percent, said Alvin Tan, a board member of the Monetary Authority of Singapore (MAS).

Local banks will continue to encourage Money Lock adoption among their customers, while the MAS has no plans to make it mandatory for all banking institutions, Tan added.

Singapore's major commercial banks launched the service last year as a safeguard against scams, allowing customers to set aside funds that cannot be transferred digitally. Enditem

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