Panel Discussion with Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at the International Symposium on Central Bank Independence on 10 January 2023
State Bank of Vietnam, the central bank of Viet Nam, has officially joined the Regional Payment Connectivity (RPC) initiative. This recent development is an expansion of the Memorandum of Understanding on Cooperation in Regional Payment Connectivity (MOU RPC) that was initiated by the central banks of Indonesia, Malaysia, Philippines, Singapore, and Thailand at the sidelines of the G20 Leaders’ Summit.
In response to two forum letters raising concerns regarding banks charging a fee to process cheques, MAS explained that cheque clearing is an increasingly inefficient use of industry capital and resources. Charging for cheque usage more accurately reflects processing costs. Cheque users have the option of transitioning to cheaper and more efficient means of fund transfers.
MAS announced the features of a new regulatory framework that seeks to ensure a high degree of value stability for stablecoins regulated in Singapore. The regulatory framework takes into account feedback received, following an October 2022 public consultation.