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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Second Consultation Paper and Response to Feedback Received on Proposed Revisions to Guidelines on Business Continuity Management
MAS has issued a second consultation on proposed revisions to its Guidelines on Business Continuity Management (BCM). This second consultation includes revisions to address feedback received from the first consultation published in 2019 and incorporates key learnings from the COVID-19 pandemic. It builds on the policy intent from the first consultation to further emphasise the need for financial institutions to take an end-to-end view in ensuring the continuous delivery of critical business services, and introduce principles and practices that financial institutions can implement to strengthen operational resilience. While this second consultation is on-going, financial institutions should continue to refer to the 2003 guidelines and supplementary guidance.
- Consultation number:
- P015 - 2021
- Start date:
- 15 October 2021
- Closing date:
- 15 November 2021
- Status:
- Open
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Consultation Paper on Proposed Amendments to Appeals Regulations
MAS is proposing amendments to the Appeals Regulations. Through these amendments, MAS is seeking to strengthen the appeal process by making it more efficient, fair and practical.
- Consultation number:
- P014-2021
- Start date:
- 14 October 2021
- Closing date:
- 15 November 2021
- Status:
- Open
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MAS Monetary Policy Statement - October 2021
Read the Monetary Policy Statement for October 2021.
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Speech by Prime Minister Lee Hsien Loong at the MAS50 Partners Appreciation Evening on 7 October 2021
At the MAS 50th Anniversary Partners Appreciation Evening, Prime Minister Lee Hsien Loong said that MAS' approach of marrying caution with creativity, and its close cooperation with industry and public sector partners, has delivered economic and financial results for Singapore.
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"MAS Marks 50 Years Serving Singapore" - Welcome Remarks by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at MAS 50th Anniversary Partners Appreciation Evening on 7 October 2021
At MAS 50th Anniversary Partners Appreciation Evening, Mr Ravi Menon, Managing Director of MAS, spoke about MAS’ critical role in Singapore’s economic development, and highlighted MAS’ close partnership with the financial industry.