FinTech in Payments

Getting Started

License

If you provide money changing /  remittance services, ensure you adhere to Money-changing and Remittance Businesses Act and Payment Services Act.

Guidelines

If your business issues digital payments tokens or allows exchanging of them, ensure you adhere to the Payment Services Act and the guidelines here.

Sandbox

If you are looking to experiment in Sandbox, click here.

Singapore Payments Roadmap

Find out more about Singapore’s payment landscape, the current state of how consumers and businesses make payments and key strategies to promote e-payments, through the Singapore Payments Roadmap (1.32 MB).
 

MAS Initiatives

Singapore Quick Response Code (SGQR)

SGQR is a single QR code that
combines multiple e-payment solutions into one. Under the SGQR label, all QR
payment options accepted by the merchant will be shown. SGQR has been deployed throughout Singapore since 2018.

Fast and Secure Transfers (FAST)

FAST is an electronic fund transfer service that enables customers of participating banks to transfer Singapore Dollar funds from one bank to another in Singapore almost instantly.

PayNow

PayNow is a central addressing
scheme that builds on the FAST infrastructure to enable users to transfer
Singapore Dollar funds using the recipient’s NRIC number, phone number or Unique Entity Number (UEN). 

Unified Point of Sale (UPOS)

UPOS terminals allows 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. UPOS terminals have been widely deployed in Singapore since 2017.