SINGAPORE, Feb. 12 (Reuters) – Singapore’s financial regulators and the Singapore Bankers Association (ABS) said on Wednesday it will establish a new entity to integrate and further grow the administration and governance of the national payment scheme. I did.
In a joint statement, the Singapore Monetary Authority (MAS) and ABS said that the entity will also work with MAS to develop Singapore’s national payment strategy to ensure a secure, efficient and innovative payment infrastructure.
“Integrating the management and governance responsibilities of all national payment schemes under a single entity will strengthen governance of these schemes and contribute to greater payment resilience and innovation,” according to Mas. Managing Director Chia der Juun said in a statement.
MAS is a central bank and integrated financial regulator in Singapore.
Financial Hub Singapore’s current national payment schemes, including the Interbank Giro System and PayNow, are managed and managed by the Singapore Clearinghouse Association, ABS, MAS and the InfoComm Media Development Authority, the statement states.
These payment schemes are widely used by consumers and businesses for payments both domestically and across borders.
Mas and ABS said the new entities will be managed by senior representatives in the central bank and financial services industry.
There have been no changes to the operational and scheme rules for the national payment scheme, and details of the entity’s names, governance structure and board structure will be announced later this year.
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