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.
- 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.
Unified Point of Sale (UPOS)
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.
Cross-border Payment Linkages
BIS’s Project Nexus prototype successfully links Eurosystem, Malaysia and Singapore payment systems; partners in Indonesia, Malaysia, the Philippines, Singapore and Thailand to work towards wider payment connectivity
The BIS Innovation Hub Singapore Centre and partners today announced the successful connection of the test versions of three established IPS using the Nexus model and outlined the next phase of the project to work on the real-world potential of a multilateral network that could be scaled up across more countries.
Consumer Price Developments in February 2023
This February 2023 report contains an update of the latest consumer price developments in Singapore, prepared by MAS and the Ministry of Trade and Industry.
MAS' Statement on Additional Tier 1 Instruments Issued by Singapore Banks
MAS' Statement on Additional Tier 1 Instruments Issued by Singapore Banks
MAS issues Prohibition Order against Ms Lee Ming Xia Jasmine
Singapore, 22 March 2023… The Monetary Authority of Singapore (MAS) has issued a 1-year prohibition order (PO) against Ms Lee Ming Xia Jasmine, an appointed representative of Prudential Assurance Company Singapore (Pte) Limited (PACS). The PO was issued as a result of Ms Lee’s contravention of section 34(1)(a) of the...
“Strengthening Supervision Through Collaborative Partnerships” – Opening Address by Mr Tan Keng Heng, Executive Director, Monetary Authority of Singapore, at the Investment Management Association of Singapore’s 9th Regulatory/ Legal Roundup Forum on 22 March 2023
Opening Address by Mr Tan Keng Heng, Executive Director, MAS, at the Investment Management Association of Singapore’s 9th Regulatory/ Legal Roundup Forum on 22 March 2023.