The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have announced plans to set up a new entity that will consolidate the administration and governance of Singapore’s national payment schemes and work with MAS on the development of the national payments strategy. MAS and ABS stated the entity will not be regulated, as it will not be involved in the day-to-day operations of the payment schemes. The consolidation will bring under one scheme administrator the governance currently held across bodies including the Singapore Clearing House Association, ABS, MAS and the Infocomm Media Development Authority, covering schemes such as Fast And Secure Transfers, Inter-bank GIRO System, PayNow and the Singapore Quick Response Code. The entity will be governed by senior representatives from MAS and the financial services industry, with industry committees formed to engage banks, payment service providers and key user groups, and MAS and ABS noted there will be no changes to scheme operations or scheme rules as part of the consolidation. Further details, including the entity’s name, governance structure and board composition, will be announced later this year.
Monetary Authority of Singapore 2025-02-12
Monetary Authority of Singapore and Association of Banks in Singapore to establish single entity to consolidate governance of national payment schemes
The Monetary Authority of Singapore and the Association of Banks in Singapore plan to establish a new entity to consolidate the administration and governance of national payment schemes, working on the national payments strategy. This entity will unify governance currently spread across several bodies but won't be regulated or involved in daily operations. Details on its name, governance structure, and board composition will be disclosed later this year.