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
Key Speeches
MAS has outlined our e-payments vision and our progress over the years. Key speeches include :
- Central Banks of Indonesia, Malaysia, Philippines, Singapore and Thailand Seal Cooperation in Regional Payment Connectivity on 14 Nov 2022
- "FinTech in its Element: Water, Metal, Fire, Wood, Earth"
Speech by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at the Singapore FinTech Festival 2022 on 3 November 2022
- Opening Address at the Singapore FinTech Festival
by Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Deputy Chairman of the Monetary Authority of Singapore on 2 November 2022
- "Two Problems for FinTech to Solve: Cross-Border Payments and ESG Data"
Keynote Speech by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at Sibos 2022 on 10 October 2022
- "Yes to Digital Asset Innovation, No to Cryptocurrency Speculation"
Opening Address by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at Green Shoots Seminar on 29 August 2022
- "The Future of Money, Finance and the Internet"
Speech by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at Singapore FinTech Festival on 9 November 2021
- "Foundational Infrastructures for an Inclusive Digital Economy"
Opening Remarks by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at Launch of Report on Foundational Digital Infrastructures on 26 April 2021
- "FinTech for an Inclusive Society and a Sustainable Planet"
Remarks by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at Singapore FinTech Festival 2020 on 8 December 2020
- "Digital Finance as a Means to Advance Inclusion and Sustainability"
Transcript of Webinar with Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, and Ms Jo Ann Barefoot, CEO, Alliance for Innovative Regulation, FinTech Abu Dhabi Festival 2020 on 25 November 2020
- "Powering the Next Stage of Singapore FinTech"
Speech by Mr Ravi Menon, Managing Director, MAS, at Singapore FinTech Festival The Green Shoots Series – Leading Through a Crisis: Up Close and Personal with Mr Ravi Menon, on 13 August 2020
- "Financial Inclusion and Innovation: Retaining the Customer"
Opening Remarks by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at BIS - World Bank Roundtable on Impact of Technology on Financial Inclusion and Financial Stability, at SFF x SWITCH 2019 on 13 November 2019
- "Singapore FinTech: Innovation, Inclusion, Inspiration"
Presentation by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore at Singapore FinTech Festival 2018 on 12 November 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
- "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
- "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
- "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
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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"Capital in Difficult Places - Accelerating Catalytic Climate Philanthropy" - Keynote Address by Ms Gillian Tan, Assistant Managing Director (Development & International) and Chief Sustainability Officer, Monetary Authority of Singapore, at the Impact Philanthropy Partnership Forum 2023 on 9 June 2023
by Ms Gillian Tan, Assistant Managing Director (Development & International) and Chief Sustainability Officer, MAS, spoke about catalytic philanthropy and how it is critical for the climate agenda.
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MAS to Set Expectations on Credible Transition Planning by Financial Institutions
The Monetary Authority of Singapore (MAS) announced today that it will set supervisory expectations to steer financial institutions’ transition planning processes to facilitate credible decarbonisation efforts by their clients.
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"Lifting all boats - Finance, Philanthropy, and Innovation" - Keynote Address by Ms Gillian Tan, Assistant Managing Director (Development & International) and Chief Sustainability Officer, Monetary Authority of Singapore, at the UBS Action showcase in accelerating decarbonisation on 6 June 2023
Ms Gillian Tan, spoke on the role finance, philanthropy, and innovation can play, in the transition to a sustainable future.
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"From Coal to Clean: Managed Phaseout in the Asia-Pacific" - Remarks by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, and Chairman, GFANZ APAC Network Advisory Board, at the GFANZ APAC Summit Opening on 5 June 2023
Mr Ravi Menon spoke on the GFANZ APAC Network's report providing detailed guidance on financing the managed phaseout of coal fired power plants in the region.
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MAS issues Prohibition Orders against six individuals for fraudulent and dishonest conduct
MAS has issued five-year prohibition orders (POs) against Mr Chan Jun Yi, Ms Chanel Quah Hui Wen, Mr Lim Zhan Yi, Ms Sherlin Chia Hee Ping, Mr Tang Hong Kong Jackie, and Ms Yvonne Quah. This follows their convictions for tax evasion offences.