ANNUAL REPORT 2002 / 2003


THE FINANCIAL SECTOR - KEY REGULATORY AND SUPERVISORY INITIATIVES

Payment Systems 

In the retail arena, transfers via electronic means increased while funds transfers by cheques declined. The value of Singapore-Dollar cheque transactions last year fell by 9.0% to S$380.3 billion.

The value of payments by interbank GIRO rose 13.7% to S$91.8 billion. Payments by EFTPOS (Electronic Funds Transfer at Point of Sale) rose 12.7% to S$6.2 billion, and payments by CashCard rose 12.7% to S$239.0 million.

A third major ATM (Automated Teller Machine) network, shared by The HongKong and Shanghai Banking Corporation Limited (HSBC), Maybank and Standard Chartered Bank, started operating in March 2002. The other two are the DBS and the UOB- OCBC networks. The total number of ATMs however declined last year by 13.9% to 1,547 machines.

The volume of MAS Electronic Payment System (MEPS) transactions fell 1.3% last year to 2.0 million, with the total value of these transactions falling by 13.1% to S$10.0 trillion.

Risk-Based Regulatory Regime  Prudential Policies Enhancing MAS' Supervisory Role Greater Consistency in Standards Across Sectors
Building Strong Pillars for Good Corporate Governance  Additional Requirements Building Confidence with Sound Market and Business Conduct
Upholding Professional and Ethical Standards Laying Strong Foundation for Financial Innovation Managing Technology Risks
Improved Securities Trading and Clearing System Safer Settlement System for Foreign Exchange Payment Systems

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