THE FINANCIAL SECTOR: KEY SUPERVISORY AND REGULATORY INITIATIVES       Content Page Supervision Regulation Risk-based Regulatory Regime Fine-Tuning Regulatory framework Ensuring Sound Market Conduct Innovative Systems for Efficient Payment and Settlement     INNOVATIVE SYSTEMS FOR EFFICIENT PAYMENT AND SETTLEMENT   . Global Settlement System for Foreign Exchange . MAS to Launch New Electronic Payment System . Payment Systems Figures . Box 10 – A Speedier, More Efficient Way of Clearing Cheques         Box 10 A SPEEDIER, MORE EFFICIENT WAY OF CLEARING CHEQUES   On 12 July 2003, banks in Singapore migrated to a new cheque clearing system, known as the Cheque Truncation System (CTS). CTS improves the efficiency of the cheque clearing process by eliminating the need to move paper cheques physically between banks and clearing house. Cheque images and data are electronically captured and transmitted between the banks and the clearing house. CTS is the world’s first nation-wide end-to-end image-based cheque truncation system. Its implementation was managed by the Singapore Clearing House Association.