MAS looks to overhaul payment systems
City state has access to some of the most advanced payment systems, but cash and cheque usage remains high
The Monetary Authority of Singapore unveiled plans on August 19 to overhaul payments governance, regulation and technology in the country.
Despite having access to some of the world's most advanced payments systems – including real-time retail, contactless card and mobile payments – inhabitants of the city state still use cash and cheques for many transactions.
Cash in circulation in Singapore is worth 8.8% of GDP, compared with 4.4% in Australia and 2.1% in Sweden, said MAS managing director
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact customer services - www.fx-markets.com/static/contact-us, or view our subscription options here: https://subscriptions.fx-markets.com/subscribe
You are currently unable to print this content. Please contact customer services - www.fx-markets.com/static/contact-us to find out more.
You are currently unable to copy this content. Please contact info@fx-markets.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@fx-markets.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@fx-markets.com
More on Payments
IBM: interbank currency blockchains should address emerging markets
Banks and fintechs, including USC consortium, vie to build distributed networks for FX transactions
Swift announces trials with ECB instant payment system
Linking ‘Swift gpi’ to ECB’s Tips will greatly reduce settlement delays, consortium says
Philippines joins regional payment settlement network
Malaysia, Indonesia and Thailand already in system that aims to spur local FX markets
Beyond payments: central bank digital currencies
Issuance of central bank digital currencies could facilitate monetary policy beyond ZLB
Caxton FX to provide open banking payments
Customers will be able to make international payments directly from its platform
Renminbi payments hold steady in June – Swift
China’s currency keeps its fifth most-used currency spot for global payments, according to Swift
Renminbi’s share of global payments slides in February
It falls two places to become the seventh most-used currency for global payments, according to Swift
Renminbi payments drop in December
The Chinese currency is once again the fifth most-used for global payments – Swift
