The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have announced plans to establish a new entity to oversee Singapore’s national payment schemes.
The initiative aims to improve coordination and decision-making across national payment schemes such as FAST, GIRO, PayNow, and SGQR, which are currently managed by various administrators, including the Singapore Clearing House Association (SCHA), ABS, MAS, and the Infocomm Media Development Authority (IMDA).
The consolidation is expected to enhance governance, support innovation, and contribute to the development of Singapore’s national payments strategy.
The new entity will be led by representatives from MAS and the financial services industry, with industry committees engaging banks, payment service providers, and business associations to support strategy development.
While the administration of the payment schemes will be unified, there will be no immediate changes to their operations or rules.
MAS and ABS stated that the move will help financial institutions and payment providers tap into global payment opportunities.
Further details on the entity’s name, governance structure, and board composition will be announced later this year.
Jacqueline Loh, Chairman of SCHA and Deputy Managing Director of MAS, said the initiative would strengthen oversight of payment scheme resilience and safety while ensuring a smooth transition.
IMDA Assistant Chief Executive Leong Der Yao noted that the consolidation would streamline Singapore’s payments landscape, offering businesses and consumers a more seamless experience while facilitating greater collaboration with international digital wallets and financial institutions.
The announcement emphasized that national payment schemes form a key foundation of Singapore’s digital economy, supporting businesses and financial market participants with faster, more cost-effective transactions and enabling greater cross-border payment flows through connectivity with international platforms.
Chia Der Jiun, Managing Director of MAS, said,
“Consolidating the administrative and governance responsibilities of all national payment schemes under a single entity will strengthen the governance of these schemes and contribute towards greater payments resilience and innovation.”
Piyush Gupta, ABS Chairman, said,
“ABS and member banks look forward to working closely with the industry to achieve Singapore’s goal as a Smart Financial Centre.
The new payments entity will enable us to rationalise our various payment rails, as well as provide a springboard to leverage technology in imagining the future of payments.”
