The MAS and the ABS have revealed plans to set up a new entity that will oversee and govern Singapore’s national payment schemes.
This initiative aims to enhance the administration of key domestic payment systems, including Fast And Secure Transfers (FAST), the Inter-bank GIRO System, PayNow, and the Singapore Quick Response Code (SGQR). The consolidation of these systems under a single body will streamline operations and governance, boosting coordination among financial institutions and payment service providers.
The new entity will also collaborate closely with MAS to develop Singapore’s national payments strategy, ensuring the country’s payment infrastructure remains secure, efficient, and innovative. The decision comes at a time when Singapore’s national payment schemes are widely used across the country by both consumers and businesses for domestic and cross-border transactions. By consolidating these systems, MAS and ABS aim to spur further innovation in the country’s payments sector and better position it to compete globally.
This new entity will be governed by senior representatives from MAS and the financial services sector, who will provide strategic oversight. Industry committees will also be formed to engage with banks, payment service providers, and key user groups, such as business associations, to help guide the strategy and decision-making processes. Importantly, while the administration of the schemes will shift to this new entity, there will be no immediate changes to the operational structure or rules governing the schemes.
Chia Der Jiun, Managing Director of MAS, explained, “Consolidating the administrative and governance responsibilities of all national payment schemes under a single entity will strengthen the governance of these schemes and contribute towards greater payments resilience and innovation.”
Piyush Gupta, Chairman of ABS, added, “ABS and member banks look forward to working closely with the industry to achieve Singapore’s goal as a Smart Financial Centre. The new payments entity will enable us to rationalise our various payment rails, as well as provide a springboard to leverage technology in imagining the future of payments.”
Jacqueline Loh, Chairman of SCHA, also emphasised the significance of the move, stating, “By channelling the payments industry’s resources and expertise into a single entity, this initiative will strengthen existing capabilities in the oversight of resilience and safety of the payment schemes and ensure consistent implementation of national e-payment strategies across the various payment schemes. SCHA is committed to see through the smooth transition to the new entity.”
Further details on the governance structure and leadership of the new entity are expected to be announced later this year, and its creation signals a step towards greater integration and collaboration in Singapore’s thriving digital economy.
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