MAS announced today that eligible non-bank financial institutions (NFIs) will have direct access to the banking system’s retail payments infrastructure from February 2021. NFIs that are licenced as major payment institutions under the Payment Services Act will be allowed to connect directly to Fast and Secure Transfers (FAST) and PayNow.
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 Ministry of Health (MOH) last week.
2 MAS expects FIs to be able to provide as many basic financial services through digital channels that do not require physical presence at FI premises. In recent years, FIs have substantially expanded their suite of digital financial services. Today, many retail banks, insurance companies and brokers offer internet or mobile channels for customers to access a range of financial services
3 MAS is working closely with The Association of Banks in Singapore (ABS) to promote greater adoption of e-payments among individuals and businesses. Supported by MAS, ABS will mount a sustained campaign to promote the use of PayNow, PayNow Corporate, and SGQR in the coming months. This is in addition to FIs’ individual efforts to actively encourage all customers to adopt e-payment solutions for their financial transactions.
4 To date, more than 2 million individuals have registered to use PayNow. In addition, over 120,000 business have adopted PayNow Corporate and SGQR as a low cost, infrastructure-light e-payment solution.