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Singapore guns to be Asia's Sweden in thrusts for cashless payments: Bloomberg
It's pushing banks to go digital.
Singapore is gunning to slash the role of cash and checks in its economy by encouraging banks to switch to digital payments, according to the head of the Monetary Authority of Singapore (MAS).
“For consumers, the use of cash for daily payments is high,” Ravi Menon, managing director of the Monetary Authority of Singapore, said at a financial technology conference on Friday. "For businesses, the use of checks is relatively high too.”
Bloomberg further reports that Menon said cash in circulation in Singapore is the equivalent of 8.8% of gross domestic product, compared to just over 2% in Sweden.
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