MAS, ABS to launch unified payment entity for national schemes

The new entity will consolidate Singapore’s national payment schemes, including SGQR.

The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) will set up a new payment entity to consolidate the administration and governance of Singapore’s national payment schemes.

These payment schemes include Fast And Secure Transfers (FAST), Interbank GIRO System, PayNow, and Singapore Quick Response Code (SGQR).

The new entity will be governed by senior representatives from MAS and the financial services industry, who will provide strategic direction to the entity’s management team.

Industry committees will also engage banks, payment providers, and key user groups to support strategy development.

“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,” Chia Der Jiun, managing director of MAS said.