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March 14, 2025
On the web
Rise of Digital Wallets Integrating Payments and Digital Identities Across Asia
Biometric Update
Digital payment wallets are advancing financial transactions, with China’s Alipay and WeChat Pay, India’s Paytm and PhonePe, and Indonesia’s GoPay leading the way in mobile payments. Some countries are now linking digital identity and payments, including China Alipay’s digital ID integration, Singapore SingPass’ financial services extension, and India’s Aadhaar-linked united payment interface (UPI) wallets to create a single digital landscape.
February 12, 2025
On the wires
Singapore Regulator, Banking Association to Set Up New Payments Entity
Reuters
"Singapore's financial regulator and the Association of Banks in Singapore (ABS) said they will set up a new entity to consolidate the administration and governance of national payment schemes and further grow them. They will also collaborate with MAS to develop Singapore's national payments strategy and ensure a safe, efficient and innovative payments infrastructure."
December 5, 2024
On the web
Singapore to Launch Two New e-Payment Solutions in Mid-2025 to Phase Out Cheques
Fintech Singapore
"The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) announced that two new electronic payment solutions will be launched in mid-2025. The Electronic Deferred Payment (EDP) and EDP+ solutions will offer businesses and individuals more convenient ways to make payments while phasing out the use of cheques."
October 28, 2024
On the web
Singapore Requires Banks, Telecoms to Prevent Scams
Bank Info Security
"Singapore regulators gave banks six months to institute real-time detection tools for blocking impersonation scams or else assume liability for stolen funds. A finalized framework published Thursday also shifts liability onto island-nation telecoms unless they block fraudulent SMS messages."
October 21, 2024
On the web
DBS [Singapore] Rolls Out Blockchain-Powered Banking for Institutions With DBS Token Services, Marks New Milestone in Financial Services [Video]
DBS
"DBS announced the introduction of DBS Token Services – a new suite of banking services that integrate tokenisation and smart contract-enabled capabilities with its banking services for its institutional clients. DBS Token Services unlocks instant, 24/7 real-time settlement of payments by integrating the bank’s Ethereum Virtual Machine-compatible permissioned blockchain, its core payment engine and multiple industry payment infrastructures."
September 19, 2024
On the web
Singaporean Banks Roll out Face Verification for Digital Token Setup
Asian Banking & Finance
"Major retail banks in Singapore will progressively roll out the Singpass Face Verification (SFV) service over the next three months. SFV will be triggered in higher risk scenarios to strengthen authentication methods for a digital token setup, according to an announcement by the Monetary Authority of Singapore and the Association of Banks in Singapore (ABS)."
August 30, 2024
On the web
Singapore Plans Law to Restrict Banking Transactions of Scam Targets
Reuters
"Singapore's home ministry said on Friday that it will introduce a law in coming months to grant police the power to temporarily restrict the banking transactions of targets of scams who refuse to believe they are being duped."
July 30, 2024
On the web
CBDC Solution From G+D Proves Viability for Cross-Border Payments
GI-DE
"Recently the Central Bank of Ghana announced the successful completion of the first proof of concept within the Project DESFT (Digital Economy Semi-Fungible Token) which demonstrated the use of digital credentials for international trade and cross-border payments. It proved the viability of the Ghanaian eCedi in cross-border transactions between Ghana and Singapore."
June 21, 2024
On the wires
Singapore Highlights Banks as Posing Highest Money Laundering Risk
Reuters
"Singapore's banking sector, including wealth management, poses the highest money laundering risk in the city-state, the government said in a money laundering risk assessment report published on Thursday."
May 28, 2024
On the web
Singapore Businesses Look To Cash in on Cross-Border Payment Links as Visitor Numbers Rise
CNA
"As the number of visitors to Singapore continues rising post-pandemic, the Monetary Authority of Singapore (MAS) is expecting more and higher-value cross-border payment transactions."
April 18, 2024
On the wires
Finmo Introduces Direct Real-Time Payment (RTP) Integration in Australia and Expands Global Team
PR Newswire
"Finmo Tech Pte. Ltd announced its direct integration with Australia's New Payment Platform (NPP) as an identified institution through its partner bank, Australian Settlements Limited (ASL)."
April 8, 2024
On the web
Singapore Tourism Board & PhonePe to Boost UPI Payments for Indian Visitors
IBS Intelligence
"Singapore Tourism Board and PhonePe enter a two-year strategic partnership to promote UPI payments for Indian visitors in Singapore."
April 2, 2024
On the web
Singapore Amends Payment Services Act to Cover Token Custody and Transfers
Cointelegraph
"On April 2, Singapore’s central bank said it would bring several activities within the scope of the Payment Services Act. This includes providing custodial services for digital payment tokens, facilitating token transfers and exchange and the facilitation of cross-border money transfers."
March 20, 2024
On the web
Grab’s Singapore Users Can Now Use Crypto to Make Payments
Coindesk
"Grab is letting users make payments via cryptocurrencies, the super app's crypto payments partner, Triple-A, said in a statement."
February 22, 2024
On the wires
Visa Singapore Innovation Center Ushers in a New Era of Payments
PR Newswire
"Visa announced the opening of its transformed Singapore Innovation Center, a dedicated space for partners, clients and businesses in Asia Pacific."
January 12, 2024
On the web
Major UPI Apps Enabled to Receive Remittances from Singapore via UPI-PayNow Linkage
NPCI
"The cross-border linkage between Unified Payments Interface (UPI) & PayNow is enabling Indians to receive instant, secure, and cost-effective remittances from Singapore-based Indian diaspora directly into their bank accounts."
December 7, 2023
On the web
Chinese Visitors to Singapore Can Use Digital Yuan CBDC
Ledger Insights
Today the Monetary Authority of Singapore (MAS) announced an agreement with the People’s Bank of China to allow tourists from either country to use the pilot digital yuan, also known as eCNY.
November 15, 2023
On the web
MAS Partners Financial Industry to Expand Asset Tokenisation Initiatives
MAS
"The Monetary Authority of Singapore (MAS) announced that it is working with the financial industry to expand asset tokenisation initiatives and develop foundational capabilities to scale tokenised markets...Project Guardian’s industry group of 17 financial institutions (FIs) has initiated five additional industry pilots to test promising asset tokenisation use cases.
November 9, 2023
On the web
Singapore Pilots Next Generation QR Mobile Payments Service
NFCW
"The Monetary Authority of Singapore (MAS) is testing an upgraded version of its SGQR unified QR payment code that will enable merchants to accept QR code payments made using a wider range of local and cross-border payment schemes through a single financial institution rather than having to maintain commercial relationships with individual payment scheme providers."
November 6, 2023
On the web
Monetary Authority of Singapore Imposes Six-Month Pause on DBS Bank’s Non-Essential Activities as Bank Restores System Resilience
Monetary Authority of Singapore
"The Monetary Authority of Singapore (MAS) has imposed a six-month pause on DBS Bank Ltd’s (DBS Bank) non-essential IT changes to ensure that the bank keeps sharp focus on restoring the resilience of its digital banking services."
October 2, 2023
On the web
Crypto Exchange Coinbase Gets Singapore Payments Licence
Reuters
"The Singapore arm of cryptocurrency exchange Coinbase said it had obtained a Major Payment Institution (MPI) licence from the city-state's central bank."
August 16, 2023
On the web
MAS Grants Payoneer Singapore License To Operate Variety Of Services And Products
Asia Business Outlook
"The Monetary Authority of Singapore (MAS) has granted Payoneer Singapore Private Limited, a subsidiary of the US-listed FinTech firm Payoneer Global Inc., a major payment institution license."
August 15, 2023
On the web
Singapore's Central Bank Releases Stablecoin Regulatory Framework
Coindesk
"Stablecoins must hold minimum base capital 1 million Singapore dollars ($740,000) and provide redemption within no more than five business days of a request."
August 7, 2023
On the web
MAS Commits Up To S$150 Million for Technology and Innovation in Financial Sector
Monetary Authority of Singapore
"The Monetary Authority of Singapore (MAS) today announced that it will commit up to S$150 million over three years under the renewed Financial Sector Technology and Innovation Scheme (FSTI 3.0) [1] . FSTI 3.0 seeks to accelerate and strengthen innovation by supporting projects that involve the use of cutting-edge technologies or with a regional nexus, while doubling down on MAS’ commitment to promote a vibrant technology ecosystem for the financial sector."
July 28, 2023
On the web
MAS [Monetary Authority of Singapore] Announces End-2025 Timeline to Eliminate Corporate Cheques
MAS
"The Monetary Authority of Singapore (MAS) today announced that all corporate cheques will be eliminated by end-2025 while individuals will still be able to use cheques for a period after 2025. With cheque usage in Singapore falling steadily, the cost of processing each cheque has been rising [1] ."
On the wires
Mastercard Experience Center Brings the Future of Commerce to Life
PrnAsia
"Making payments using solar credits, enjoying a football match in a virtual reality stadium, scanning a product to understand the ethics of its supply chain. These are just some of the next-generation technology propositions on display at the revamped Mastercard Experience Center (MEC) in Singapore....The revitalization of the Singapore innovation space coincides with the release of Mastercard's Future of Payments report which highlights three broad trends that have the potential to collectively expand prosperity and inclusion in the digital economy."
July 11, 2023
On the web
Singapore’s Project Orchid Lets Interoperable Currency Bloom
The Banker
"The world is veering toward a fragmented monetary future in which central bank digital currencies (CBDCs), stablecoins and other digital money variants jostle for position in an increasingly complex financial ecosystem. Under these conditions, rifts between different ledger technologies and payment infrastructures could also widen over time."
July 6, 2023
On the web
Singapore's DBS Bank Launches Digital Yuan Payment Solution in China
Crypto Briefing
"With its first transaction using the digital yuan, DBS bank is bringing the digital yuan to corporate clients and exploring emerging digital payment solutions."
July 3, 2023
On the web
MAS Publishes Investor Protection Measures for Digital Payment Token Services
MAS
"The Monetary Authority of Singapore (MAS) today announced new requirements for Digital Payment Token (DPT) service providers to safekeep customer assets under a statutory trust before the end of the year. This will mitigate the risk of loss or misuse of customers’ assets, and facilitate the recovery of customers’ assets in the event of a DPT service provider’s insolvency."
June 26, 2023
On the web
MAS-led Industry Consortium Releases Toolkit for Responsible Use of AI in the Financial Sector
Monetary Authority of Singapore
"The Monetary Authority of Singapore (MAS) announced today the release of an open-source toolkit to enable the responsible use of Artificial Intelligence (AI) in the financial industry."
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