New payments entity, automated verification tool to boost Singapore's status as finance hub

Singapore on Feb 12 announced through various groups a new payments entity and an automated solution to verify bills of lading, as it moves to strengthen its position as a global finance hub.

- Sheila Chiang

A new entity will be set up to consolidate the administration and governance of Singapore's national payment schemes such as Fast, PayNow and SGQR, the Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) said in a joint statement.

Such schemes are currently administered and governed by MAS, ABS, the Singapore Clearing House Association and the Infocomm Media Development Authority.

Consolidation under a single entity will strengthen the governance of these schemes and enable greater payments resilience and innovation, said MAS managing director Chia Der Jiun.

ABS chairman Piyush Gupta, noting that the new payments entity will provide a springboard for payments technology, said: "ABS and member banks look forward to working closely with the industry to achieve Singapore's goal as a smart financial centre."