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.
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.
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 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. (1.32 MB)
Building on the Singapore Payments Roadmap recommendations, MAS formed the 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.
UPOS terminals allow consumers to make retail payments through a single interface that accepts all major debit and credit card brands, including those that are contactless or embedded in smartphones, via a unified point-of-sale terminal. UPOS terminals have been widely deployed in Singapore since 2017.
The Memorandum of Understanding reflects Indonesia and Singapore’s joint interest to promote collaboration on projects in relation to payments innovation, and formalise cooperation across an expanded range of central bank and regulatory functions.
Singapore, 20 January 2022 … The Monetary Authority of Singapore (MAS) has imposed a composition penalty of S$1.1 million on Vistra Trust (Singapore) Pte. Limited (VTSPL) for its failures to comply with MAS’ Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements. VTSPL is a trust company,...
Singapore, 19 January 2022… The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) are introducing a set of additional measures to bolster the security of digital banking, in view of the recent spate of SMS-phishing scams targeting bank customers. 2. MAS expects all financial...
Singapore, 17 January 2022… The Network for Greening the Financial System (NGFS) today announced the appointment of Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS), as their new Chair for a two-year term. 1. Mr Menon succeeds Mr Frank Elderson, Member of the Executive Board of the European...
MAS has issued new guidelines that clarify MAS’ expectations that DPT service providers should not engage in marketing or advertising of DPT services to the general public in Singapore.