Singapore's financial regulator, the Monetary Authority of Singapore (MAS), and the Association of Banks in Singapore (ABS) announced on Wednesday their plan to establish a new organization aimed at consolidating the management and oversight of national payment schemes to foster their growth.
According to a joint statement by MAS and ABS, the new entity will work closely with MAS to craft and execute Singapore's national payments strategy, ensuring a secure, efficient, and innovative payments ecosystem.
MAS' Managing Director, Chia Der Jiun, emphasized that centralizing the administration and governance of all national payment schemes under one entity will enhance governance, bolster payments resilience, and spur innovation.
The current national payment schemes in Singapore, such as the Interbank GIRO System and PayNow, are presently overseen by various organizations including the Singapore Clearing House Association, ABS, MAS, and the Infocomm Media Development Authority.
The new entity, as outlined by MAS and ABS, will be overseen by senior representatives from both MAS and the financial services sector. While there will be no alterations to the operations and rules of the national payment schemes, specifics regarding the entity's name, governance framework, and board membership will be disclosed later this year.