Knowledge Highlights 27 January 2025
MAS and ABS to establish new payments entity to consolidate administration and governance of Singapore’s national payment systems
On 12 February 2025, the Monetary Authority of Singapore (“MAS”) and the Association of Banks in Singapore (“ABS”) announced that a new entity will be established to consolidate the administration and governance of Singapore’s national payment schemes to position these schemes for the next stage of growth. The entity will also collaborate with MAS on the development of Singapore’s national payments strategy, ensuring a safe, efficient, and innovative payments infrastructure.
Currently, Singapore’s national payment schemes, such as Fast and Secure Transfers (FAST), Inter-bank GIRO System, PayNow, and Singapore Quick Response Code (SGQR), are widely used by consumers and businesses in their daily activities, providing a broad range of options for domestic and cross-border payments. The schemes are administered and governed by specific scheme administrators, namely, the Singapore Clearing House Association, ABS, MAS, and the Info-communications Media Development Authority. The consolidation of the administration and governance of these schemes under a single entity will enhance coordination and decision-making across national payment schemes, enabling financial institutions and payment service providers to better harness opportunities in global payments and spur further growth and innovation in Singapore’s payments sector.
The new entity will be governed by senior representatives from MAS and the financial services industry, who will provide strategic direction to the entity’s management team. Industry committees will also be formed under the new entity to engage banks, payment services providers, and key user groups such as industry and business associations to support strategy development. No changes will be made to the operations and scheme rules of the national payment schemes as they are consolidated into the new entity.
More information on the entity name, governance structure, and board composition will be released later this year.
Reference materials
The following materials are available from the MAS website www.mas.gov.sg:
