Singapore Quick Response Code (SGQR)
Read more about a common QR Code that will accept e-payments by both domestic and international payment schemes, e-wallets, and banks. SGQR has been deployed throughout Singapore since 2018.
E-Payments
Learn more about the state of the electronic payments eco-system in Singapore, and MAS' strategies and initiatives to make Singapore an e-payments society.
Electronic payments (e-payments) have been around for many years, from the introduction of GIRO in 1984, to FAST and e-wallets for mobile phones today. E-payments are a convenient alternative to the use of cash and cheques as payment modes. They offer consumers a swift and efficient way to pay, and help businesses to enhance productivity.
As part of the Smart Nation vision to harness technology and improve people's lives, MAS seeks to create a Smart Financial Centre, where innovation is pervasive, and FinTech is used widely. E-payments are a key component of a Smart Financial Centre agenda. MAS' vision is to create an e-payments society, where not only convenience thrives, but also competition and innovation.
"Our vision is to make Singapore an electronic payments society ... An e-payments society will be inclusive, innovative, and perhaps, even inspiring."
Ravi Menon, Managing Director, Monetary Authority of Singapore
MAS has outlined our e-payments vision and our progress over the years. Key speeches include :
Key Speeches
- "An Electronic Payments Society" - Keynote Address by Mr Ravi Menon, Managing Director of MAS, at the Sim Kee Boon Institute Conference on FinTech and Financial Inclusion on 26 November 2016
- "E-Payments for Everyone" - Keynote Speech by Mr Ong Ye Kung, Minister for Education and MAS' Board Member, at the 45th Annual Dinner of The Association of Banks in Singapore on 20 June 2018
- "E-Payments in Asia: Regulating Innovation and Innovative Regulation" - Keynote Address by Ms Jacqueline Loh, Deputy Managing Director of MAS, at the Central Bank Payments Conference on 26 June 2018
- "Completing the E-Payment Jigsaw" - Speech by Mr Ong Ye Kung, Minister for Education and MAS' Board Member, at the SGQR Launch on 17 September 2018
Singapore Payments Roadmap
MAS formulates policies, develops strategies and infrastructure, and collaborates with the industry to ensure a competitive and innovative payments ecosystem that is safe and secure. MAS seeks to foster an inclusive e-payments society by making e-payments easy to use and accessible to everyone.
The Singapore Payments Roadmap (1.32 MB) is a collaborative effort by MAS and KPMG to study Singapore’s payment landscape. The study surveyed more than 2,500 stakeholders in Singapore’s payment ecosystem and internationally to understand the current state of how consumers and businesses make payments. The study identified key recommendations and strategies to promote e-payments in Singapore.
Building on the Singapore Payments Roadmap recommendations, MAS formed the Payments Council to drive the adoption of e-payments, and foster innovation and collaboration in the industry. The Payments Council is headed by MAS' Managing Director, Mr. Ravi Menon, and comprises leaders from banks, payment service providers, businesses, and trade associations.
Parliament passed the new Payment Services Act (PS Act) in January 2019 to unify and streamline the regulatory requirements for various payment services in Singapore, including e-payments. The PS Act adopts a modular and risk-focused approach to tailor MAS’ rules according the scope and risks of each payment service. This gives MAS the flexibility to respond quickly to the fast changing payments landscape, and preserves stability while facilitating the innovation and growth of e-payments in Singapore.
Development Initiatives
What's New
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Consultation Paper on Proposed Amendments to Regulations, Notices and Guidelines Arising from the Banking (Amendment) Act 2020 and Other Changes
This consultation paper sets out the remaining amendments to Regulations, Notices and Guidelines for the rest of the Banking (Amendment) Act 2020 (BAA) that have not yet commenced.
- Consultation number:
- P010-2020
- Start date:
- 02 December 2020
- Closing date:
- 15 January 2021
- Status:
- Open
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MAS bans two former insurance agents for dishonest conduct
MAS has issued prohibition orders against two former insurance agents for dishonest conduct, following MAS’ investigations into their dishonest conduct involving the sale of integrated shield plans.
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Financial Stability Review 2020
Read the annual Financial Stability Review for the analyses and results of the MAS' assessment of the Singapore's financial system in 2020.
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MAS Orders Removal of Eagle Hospitality REIT Manager
MAS has directed DBS Trustee Limited, in its capacity as the trustee of Eagle Hospitality Real Estate Investment Trust, to remove Eagle Hospitality REIT Management Pte Ltd as the Manager of EH-REIT and appoint a new manager as soon as practicable.
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Non-Bank Financial Institutions to have Access to FAST and PayNow
MAS announced today that eligible non-bank financial institutions (NFIs) will have direct access to the banking system’s retail payments infrastructure from February 2021. NFIs that are licenced as major payment institutions under the Payment Services Act will be allowed to connect directly to Fast and Secure Transfers (FAST) and PayNow.