Senior representatives from MAS and the financial services industry will govern the new entity, providing guidance to the management team. Credit: T. Schneider/ Shutterstock.

The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have revealed plans to form a new entity to consolidate the administration and governance of Singapore’s national payment schemes.

The entity will work with MAS to develop Singapore’s national payments strategy, aiming to ensure a secure and efficient payments infrastructure.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Singapore’s national payment schemes, including fast And secure transfers (FAST), Inter-bank GIRO system, PayNow, and Singapore quick response code (SGQR), are integral to both consumer and business transactions, facilitating domestic and cross-border payments.

Currently, these schemes are managed by various scheme administrators such as the Singapore Clearing House Association (SCHA), ABS, MAS, and Infocomm Media Development Authority (IMDA).

The unification under a single entity is expected to improve coordination and decision-making across the national payment schemes, the joint release said.

Senior representatives from MAS and the financial services industry will govern the new entity, providing guidance to the management team.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Industry committees will also be established to involve banks, payment services providers, and key user groups, including industry and business associations, to support strategic development.

The consolidation will not affect the operations and rules of the existing payment schemes.

Further details regarding the entity’s name, governance structure, and board composition will be disclosed later this year.

MAS managing director Chia Der Jiun said: “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.” 

ABS chairman Piyush Gupta said: “ABS and member banks look forward to working closely with the industry to achieve Singapore’s goal as a Smart Financial Centre. The new payments entity will enable us to rationalise our various payment rails, as well as provide a springboard to leverage technology in imagining the future of payments.”

This announcement follows a previous statement made in December 2024 about the launch of two new e-payment solutions, slated for mid-2025.

The EDP and EDP+ solutions were developed in partnership with Domestic Systemically Important Banks (D-SIBs), will be accessible through digital banking platforms and will integrate PayNow to simplify the identification of payees.