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 August 2019 report contains an update of the latest consumer price developments in Singapore, prepared by MAS and the Ministry of Trade and Industry.
Mr Ong Ye Kung, Minister for Education and Board Member, Monetary Authority of Singapore spoke on the importance of good corporate governance to the company and its stakeholders. When widely adopted, good corporate governance would lead to an atmosphere of collective trust in Singapore companies, strengthening the Singapore brand and providing more opportunities for everyone.
Ms Thong Leng Yeng, Executive Director, MAS, spoke on MAS’ plans for developing future-ready talent for Singapore’s wealth management sector.
In its response to a forum letter on the Payments Regulatory Evaluation Programme (PREP), MAS and the Singapore Academy of Law (SAL) clarified the selection of law firms, which represents a cross section of the legal industry. MAS and SAL have already invited all interested law firms to join the pilot on 10 September 2019.
MAS announced today that Singapore’s average daily foreign exchange (FX) trading volume reached a new high of US$633 billion in April 2019, up 22% from US$517 billion in April 2016. Singapore retains its position as one of the largest FX centres globally – ranked third with a 7.6% share of global FX volume in April 2019.