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.
This June 2021 report contains an update of the latest consumer price developments in Singapore, prepared by MAS and the Ministry of Trade and Industry.
MAS and the Singapore FinTech Association announced today the launch of the 2021 Singapore FinTech Festival (SFF) Global FinTech Awards. The theme for the 2021 Awards is “Emerging from a pandemic, the road to recovery”.
The Monetary Authority of Singapore (MAS) announced the launch of the inaugural Global Veritas Challenge. The competition seeks to accelerate the development of solutions which validate artificial intelligence and data analytics (AIDA) solutions against the fairness, ethics, accountability and transparency (FEAT) principles, to strengthen trust and promote greater adoption of AI solutions in the financial sector.
This consultation paper seeks to: i. clarify and refine the tier structure requirements ii. consolidate and effect the tier structure requirements under the Financial Advisers Act (Cap. 110) iii. introduce restrictions on the direct payment of remuneration to, and acceptance of remuneration by, representatives and/or...
This consultation paper seeks views on MAS’ proposals to issue a new AML/CFT Notice for financial institutions in the conduct of their operations and business activities in precious stones, precious metals and precious products, as well as, to update MAS’ existing AML/CFT Notices.