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
 
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MAS to Launch New Electronic Payment System . Payment Systems Figures
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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.