Singapore to Establish Unified Framework for Payment Market Oversight

The Singaporean authorities initiated the creation of a new regulatory body based on existing structures to oversee and manage the country’s national payment systems.

The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) announced the establishment of a centralized entity that will integrate the management of the country’s national payment systems. While the new structure won’t alter current operational processes within payment schemes, it will provide unified strategic leadership and enhance coordination between public and private financial institutions.

Previously, the management of national payment schemes was distributed across multiple administrative bodies, including MAS, ABS, the Singapore Clearing House Association (SCHA), and the Infocomm Media Development Authority (IMDA). Now, their functions will be consolidated into a single center, simplifying strategy development, risk management, and the implementation of innovations.

The new organization will take charge of the administration and management of key national payment systems, including FAST, Inter-bank GIRO, PayNow, and SGQR. This consolidation will improve coordination efficiency, enhance interactions between banks, payment services, and corporate users, and strengthen Singapore’s position in the global digital payments market.

Notably, in 2024, Singapore was recognized as one of the leading countries in Web3 technology development, largely due to the efforts of MAS through initiatives such as Project Guardian .