Singapore to Establish New Entity for National Payment Schemes Governance
Singapore's Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) announced plans to create a new entity to streamline the administration and governance of national payment schemes.
The joint statement highlights the entity's mandate to collaborate with MAS in developing Singapore's national payments strategy and fostering a secure, efficient, and innovative payments infrastructure.
"Consolidating these responsibilities under a single entity enhances governance and contributes to increased payments resilience and innovation," stated Chia Der Jiun, MAS' managing director.
Currently, Singapore's national payment schemes, such as Interbank GIRO System and PayNow, are managed by Singapore Clearing House Association, ABS, MAS, and Infocomm Media Development Authority.
The new entity will be overseen by senior representatives from MAS and the financial services industry, according to the statement. Operational and scheme rules of the national payment schemes will remain unchanged.
Further details on the entity's name, governance structure, and board composition are expected later this year.