MAS Rolls Out Report, New Strategies Governing E-Payments in Singapore
- MAS has published the Singapore Payments Roadmap, looking to streamline electronic payments in the country.
The Monetary Authority of Singapore (MAS) has looked to overhaul and propagate a series of changes to its electronic Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term regime in Singapore, leading to the publication of a new strategy called the 'Singapore Payments Roadmap', according to a MAS statement.
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Electronic payments have become an integral part of the financial services realm, with a strong emphasis on other channels such as e-commerce. The decision by MAS to promote a broader roadmap and collective clarification helps foster safer, healthier and more transparent payments utilized by businesses in Singapore and beyond.
In particular, the Singapore Payments Roadmap acts as a collaborative and joint effort between MAS and KPMG, one of the four largest auditors in the world. In terms of methodology and sample, a total of 2,500 stakeholders in Singapore’s payment ecosystem and across the world were subject to a survey to help understand the current state of payments – the questions focus on how consumers and businesses make payments.
New Agenda
KPMG had previously observed that Singapore boasted a highly functional jurisdiction for payments, though it also could stand to upgrade a number of attributes in a bid to promote even greater cohesion. This included the streamlining and fortification of the regulatory framework as well as the establishment of a new governance model for payments.
In looking at the report, it is recommended that the current regulatory regime governing payments and remittances be given a slight alteration, helping to create a single and modular regime applied on an activity basis, rather than specific payment systems. This would be instrumental as a new payments regime would provide MAS with the flexibility to address emerging risk areas like cyber security and consumer protection.
The report also recommended the bolstering of a governance model as well as fomenting a national payments council that pushes for increased innovation, competition and collaboration in the payments industry, including the Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term industry.
A full copy of the report can be accessed by this link.
The Monetary Authority of Singapore (MAS) has looked to overhaul and propagate a series of changes to its electronic Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term regime in Singapore, leading to the publication of a new strategy called the 'Singapore Payments Roadmap', according to a MAS statement.
Take the lead from today’s leaders. FM London Summit, 14-15 November, 2016. Register here!
Electronic payments have become an integral part of the financial services realm, with a strong emphasis on other channels such as e-commerce. The decision by MAS to promote a broader roadmap and collective clarification helps foster safer, healthier and more transparent payments utilized by businesses in Singapore and beyond.
In particular, the Singapore Payments Roadmap acts as a collaborative and joint effort between MAS and KPMG, one of the four largest auditors in the world. In terms of methodology and sample, a total of 2,500 stakeholders in Singapore’s payment ecosystem and across the world were subject to a survey to help understand the current state of payments – the questions focus on how consumers and businesses make payments.
New Agenda
KPMG had previously observed that Singapore boasted a highly functional jurisdiction for payments, though it also could stand to upgrade a number of attributes in a bid to promote even greater cohesion. This included the streamlining and fortification of the regulatory framework as well as the establishment of a new governance model for payments.
In looking at the report, it is recommended that the current regulatory regime governing payments and remittances be given a slight alteration, helping to create a single and modular regime applied on an activity basis, rather than specific payment systems. This would be instrumental as a new payments regime would provide MAS with the flexibility to address emerging risk areas like cyber security and consumer protection.
The report also recommended the bolstering of a governance model as well as fomenting a national payments council that pushes for increased innovation, competition and collaboration in the payments industry, including the Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term industry.
A full copy of the report can be accessed by this link.