Singapore creates new entity to manage national payment schemes, aiming to enhance coordination and innovation.

The Monetary Authority of Singapore and the Association of Banks in Singapore are creating a new entity to manage the country's eight national payment schemes, aiming to enhance coordination and foster innovation in payments infrastructure. This move is expected to improve collaboration among financial institutions and payment service providers, potentially strengthening global payment opportunities. The entity will be governed by senior representatives from the MAS and the financial sector, focusing on ensuring a safe and efficient payments system. Further details on the entity's structure will be announced later.

5 weeks ago
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