Singapore to Establish Coordinated Structure for Monitoring Fee Market

The authorities in Singapore have commenced the establishment of a new regulatory body based on existing frameworks to oversee and manage the country’s national payment systems.

The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have announced the formation of a centralized entity that will unify the management of the nation’s national payment systems. While this new structure will not change the current operational processes within payment schemes, it will provide cohesive strategic leadership and enhance coordination between public and private financial institutions.

Previously, the oversight of national payment schemes was divided among several regulatory bodies, including MAS, ABS, the Singapore Clearing House Association (SCHA), and the Infocomm Media Development Authority (IMDA). Now, their functions will be merged into a single center, streamlining strategy development, risk management, and the implementation of innovations.

The new organization will be responsible for the administration and management of key national payment systems, including FAST, Inter-bank GIRO, PayNow, and SGQR. This consolidation will improve coordination efficiency, enhance interactions among banks, payment service providers, and corporate users, and bolster Singapore’s position in the global digital payments market.

Importantly, in 2024, Singapore was recognized as one of the leading countries in the development of Web3 technology, largely due to the initiatives of MAS, such as Project Guardian.

Сообщение Singapore to Set up Unified Framework for Payment Market Oversight появились сначала на CoinsPaid Media.