ANNUAL REPORT 2002 / 2003
THE FINANCIAL SECTOR - KEY REGULATORY AND SUPERVISORY INITIATIVESPayment 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.
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.
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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