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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Singapore and Kenya Establish Cooperation on Developing Digital Infrastructure at Inaugural Afro-Asia FinTech Festival
MAS and the Central Bank of Kenya have inked a FinTech Cooperation Agreement to support digital infrastructure development in Kenya. The two central banks will collaborate to develop basic digital infrastructure services for Kenya, including identity, data and Know-Your-Customer utility, based on a set of common standards.
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IMF Reaffirms Singapore's Financial Sector Oversight as "Among the Best Globally"
MAS announced that the International Monetary Fund (IMF) has completed its Financial Sector Assessment Programme (FSAP) for Singapore and reaffirmed Singapore’s financial sector oversight to be “among the best globally”.
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Response to two letters on the growing use of technology and its impact on jobs, "Strong Support to Help Financial Sector Workers Enhance Skills and Use New Technologies" by MAS and WSG - The Straits Times, 6 and 9 July 2019
The response to two forum letters reiterated that the correct response to the growing role of technology is not to avoid it but to equip our workers so that they can take on the higher value job roles that technology will enable.
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"Improving Culture and Conduct in the Financial Advisory Industry” - Keynote Address by Ms Merlyn Ee, Executive Director, Monetary Authority of Singapore, at the Association of Financial Advisers (Singapore) 18th Annual Conference on 11 July 2019
Ms Merlyn Ee, Executive Director, MAS, shared 3 ways to transform culture and conduct in the financial advisory industry – shaping the right behaviour through incentives, enhancing surveillance of representatives and building a customer-centric culture.
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"The Wellness of Investing - Eating Well, Sleeping Well, Feeling Well" - Keynote Remarks by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at SIAS 1st Master Series Investment Conference on 11 July 2019
Mr Ravi Menon, Managing Director, MAS, spoke on three investment themes that investors can consider to achieve wellness in their investment.