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April 18, 2024

On the wires

April 8, 2024

On the web

April 2, 2024

On the web

March 20, 2024

On the web

February 22, 2024

On the wires

January 12, 2024

On the web

December 7, 2023

On the web

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

October 2, 2023

On the web

August 16, 2023

On the web

August 15, 2023

On the web

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

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

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

June 22, 2023

On the web

MAS Penalises 3 Banks and an Insurer for Breaches of Anti-Money Laundering Requirements

Monetary Authority of Singapore

"The Monetary Authority of Singapore (MAS) has imposed composition penalties amounting to S$3.8 million in total on Citibank N.A., Singapore Branch (Citibank), DBS Bank Ltd (DBS), OCBC Singapore (OCBC) and Swiss Life (Singapore) Pte. Ltd. (SLSG) for breaches of MAS’ Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements. All these financial institutions (FIs) have accepted the penalties."

June 21, 2023

On the web

June 1, 2023

On the wires

May 25, 2023

On the wires

May 11, 2023

On the web

WhatsApp Now Allows Singapore-Based Users to Pay Businesses Within the App

Yahoo Life

"After India and Brazil, WhatsApp is launching the ability to pay businesses within a chat in Singapore. Meta has partnered with Stripe to roll out the feature in the region. WhatsApp has built this payment feature using Stripe Connect and Stripe Checkout solutions, making in-app payments available online and offline. Customers can pay businesses using credit cards, debit cards or Singapore's PayNow fund transfer system."

May 9, 2023

On the web

MAS to Build New Information-Sharing Platform for Banks in Singapore to Combat Financial Crimes

CNA

"SINGAPORE: A digital platform for financial institutions in Singapore to share information on suspicious customers or transactions will be set up after parliament passed the Financial Services and Markets (Amendment) Bill on Tuesday (May 9). The new platform will be jointly developed by the Monetary Authority of Singapore (MAS) and six major commercial banks - DBS, OCBC, UOB, Standard Chartered Bank, Citibank and HSBC."

March 31, 2023

On the web

Launch of Cross-Border QR Code Payments Connectivity Between Singapore and Malaysia

Monetary Authority of Singapore

"The Monetary Authority of Singapore (MAS) and Bank Negara Malaysia (BNM) today launched a cross-border QR code payment linkage between Singapore and Malaysia. This payment linkage will allow customers of participating financial institutions [1] to make retail payments by scanning NETS QR and DuitNow QR codes [2] . It will support in-person payments through the scanning of physical QR codes displayed by merchants, and online cross-border e-commerce transactions."

March 29, 2023

On the web

Visa Reports on Contactless and Mobile Payments Adoption in Singapore

NFCW

"More than eight in ten consumers in Singapore now use contactless cards (82%) and the widespread use of and preference for contactless card payments is one of the key drivers behind the country’s “shift towards becoming a cashless nation”, according to a Visa report. The latest edition of the card network’s Consumer Payment Attitudes Study also shows that contact and contactless card payments (97%) have now overtaken cash (82%) as the most-used payment method in Singapore and that 95% of consumers in the country make payments using debit and credit cards."

March 14, 2023

On the web

NETS’ Merchants Can Now Accept Mastercard and Visa Payments on Their Terminals

Fintech Singapore

"The Network for Electronic Transfers (NETS) Group has inked agreements with Mastercard and Visa to acquire merchants directly in Singapore. Eligible merchants can now have access to an enhanced suite of digital payment schemes such as NETS, Mastercard, and Visa from a single payment service provider. Most existing merchants who already accept NETS can add on Mastercard and Visa as payment options without needing to upgrade their payment terminals."

January 31, 2023

On the web

Fiserv Looks to Support New Payment Flows with Major Payment Institution License from Monetary Authority of Singapore

EIN News

Fiserv, Inc. FISV operating entity that provides payment solutions for merchants in Singapore, First Data Merchant Solutions Private Limited, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS), effective January 1, 2023. The license allows the company to provide merchant acquisition services and domestic and cross-border money transfer services under the Payment Services Act (PS Act) 2019.