In a move to enhance Singapore’s financial infrastructure, the Monetary Authority of Singapore ( MAS ) and the Association of Banks in Singapore ( ABS ) have announced the creation of a new entity to consolidate and oversee the nation’s payment schemes.

The initiative, the MAS and ABS state, will aim to strengthen governance, encourage innovation and further position Singapore as a frontrunner in digital payments, while also ensuring that both businesses and consumers benefit from faster, more secure and integrated financial transactions.

Singapore’s national payment schemes – such as FAST ( Fast and Secure Transfers ), PayNow, Interbank GIRO and the Singapore Quick Response Code – are currently widely used by consumers and businesses for seamless transactions.

However, these schemes are currently governed by multiple administrators, including the MAS, ABS, Singapore Clearing House Association, and Infocomm Media Development Authority.

By bringing them under a single administrative entity, Singaporean authorities hope to streamline governance, improve coordination and create new opportunities for growth, particularly in the fast-evolving area of global digital payments.

The newly formed entity will be governed by senior representatives from the MAS and the financial industry, with additional industry committees engaging banks, payment service providers and key business associations.

Importantly, the move is not expected to change how payment schemes operate in the short term. Users and businesses will continue to use existing payment channels without disruption, while the new entity focuses on long-term strategic development.

“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 payment resilience and innovation,” says Chia Der Jiun, the MAS’ managing director.

Piyush Gupta, the ABS’ chairman, adds: “The new payment entity will enable us to rationalize our various payment rails, as well as provide a springboard to leverage technology in imagining the future of payments.”