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         Payment Systems Figures   Fund transfers by Interbank GIRO (IBG) have been growing significantly every year but payments by cheques declined. In 2003 the value of SGD cheque transactions fell 3.1% to S$368 billion while the value of IBG transfers increased 17.5% to S$108 billion. The value of payments by NETS EFTPOS (Electronic Funds Transfer at Point of Sale) rose 13.9% to S$7 billion, and payments by CashCard rose 13.4% to S$271.4 million. The major Automated Teller Machine (ATM) networks are the DBS Bank Ltd network, the United Overseas Bank Ltd-Oversea-Chinese Banking Corpn Ltd network and the Hongkong and Shanghai Banking Corporation Limited-Malayan Banking Bhd-Standard Chartered Bank network. The total number of ATMs increased marginally last year by 0.4% to 1,553 machines. The volume of MEPS transactions grew 4.7% last year to 2.1 million, with the total value of these transactions falling 1.8% to S$9.9 trillion.