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.
Key Speeches
- 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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MAS Publishes Inaugural List of Domestic Systemically Important Insurers in Singapore
The Monetary Authority of Singapore (MAS) today published its framework for designating domestic systemically important insurers (D-SIIs), and the inaugural list of four D-SIIs.
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"ASEAN, Alternative Energy, and Artificial Intelligence" - Keynote Speech by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at 61st ACI World Congress on 21 September 2023
Mr Ravi Menon, Managing Director of MAS, spoke on three dominant investment themes in Asia-Pacific in the next decade: ASEAN, Alternative Energy and Artificial Intelligence.
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Consultation Paper on Draft Public Disclosure Requirements for Regulatory Capital
- Consultation number:
- P001-2022
- Start date:
- 30 March 2022
- Closing date:
- 29 April 2022
- MAS response date:
- 20 September 2023
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Consultation Paper on Draft Standards for Credit Risk Capital and Output Floor Requirements for Singapore-incorporated Banks
- Consultation number:
- P003-2021
- Start date:
- 25 March 2021
- Closing date:
- 26 April 2021
- MAS response date:
- 20 September 2023
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Consultation Paper on Draft Standards for Market Risk Capital and Capital Reporting Requirements
- Consultation number:
- P012-2021
- Start date:
- 13 September 2021
- Closing date:
- 13 October 2021
- MAS response date:
- 20 September 2023