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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MAS Urges Use of Digital Finance and E-Payments to Support COVID-19 Safe Distancing Measures
Singapore, 9 April 2020... The Monetary Authority of Singapore (MAS) urges individuals and businesses to use digital financial services and e-payments, and minimise visits to the premises of financial institutions (FIs). This will contribute to the effectiveness of the elevated safe distancing measures announced by the...
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MAS Extends Digital Bank Assessment Period in view of COVID-19 Pandemic
MAS announced that it will extend the assessment period for the award of digital bank licences in view of the COVID-19 pandemic. Successful applicants will be informed in 2H 2020 instead of June 2020 as originally intended.
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Response to "Shorting on the SGX: Have full transparency on such trades, big or small" - The Business Times, 3 April 2020
In response to a letter in The Business Times calling for short sell trades of any size on SGX to be published within 24 hours, MAS and SGX clarified that information on short sell trades and outstanding short positions are currently published on both parties’ websites according to existing rules.
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MAS Launches S$125 Million Package for Financial Institutions and FinTech Firms to Strengthen Long-Term Capabilities
MAS announced a S$125 million support package to sustain and strengthen capabilities in the financial services and FinTech sectors amid the current economic slump.
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Response to "Relook consumer banking practices" - The Straits Times, 4 April 2020
In response to a letter in The Straits Times calling on MAS to impose regulations pertaining to sales practices for investment products sold by banks to consumers, specifically by having a cooling-off period, MAS said this is covered by existing rules on sales practices under the Financial Advisers Act (FAA). MAS added that it has and will take supervisory actions against financial institutions and their representatives who fail to comply with these rules.