Close Menu
Crypto Chain Post
    Trending

    Two Whale Wallets Accumulate Over $9M in HYPE Tokens Through Coordinated Spot Purchases

    June 10, 2025

    Can XRP Hit 800,000,000 Mark Again? On-Chain Drive Begins

    June 10, 2025

    Paul Atkins Declares Support For Crypto Custody & DeFi Activities

    June 10, 2025

    Solana (SOL) Holds $150 as Bullish Momentum Slowly Builds

    June 10, 2025

    Russian Crypto Founder Charged Laundering $530M Into US

    June 10, 2025
    Facebook X (Twitter) Instagram TikTok Telegram
    • Privacy Policy
    • Terms of use
    • Advertise
    • Contact
    Tuesday, June 10
    Crypto Chain Post
    Price Index Newsletter
    • Home
    • News
      • Bitcoin
      • Ethereum
      • Altcoin
    • Blockchain
    • Markets
    • NFTs
    • DeFi
    • Web3
    • Analysis
    • Metaverse
    • Resources
      • Price Index
      • Crypto Heatmap
      • Glossary
      • Exchange
      • Economic Calendar
    • More
      • GameFi
      • ICO
      • Legal
      • Security
    Crypto Chain Post
    Home » Singapore regulator, banking association to set up new payments entity
    Legal

    Singapore regulator, banking association to set up new payments entity

    News RoomBy News RoomFebruary 12, 2025No Comments2 Mins Read

    SINGAPORE, Feb 12 (Reuters) – Singapore’s financial regulator and the Association of Banks in Singapore (ABS) said on Wednesday they will set up a new entity to consolidate the administration and governance of national payment schemes and further grow them.

    The Monetary Authority of Singapore (MAS) and ABS said in a joint statement that the entity will also collaborate with MAS to develop Singapore’s national payments strategy and ensure a safe, efficient and innovative payments infrastructure.

    “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 payments resilience and innovation,” Chia Der Jiun, MAS’ managing director, said in the statement.

    The MAS is Singapore’s central bank and integrated financial regulator.

    Financial hub Singapore’s current national payment schemes, including Interbank GIRO System and PayNow, are administered and governed by Singapore Clearing House Association, ABS, MAS and Infocomm Media Development Authority, the statement showed.

    These payment schemes are widely used by consumers and businesses for domestic and cross-border payments.

    MAS and ABS said the new entity will be governed by senior representatives from the central bank and the financial services industry.

    There will be no changes to the operations and scheme rules of the national payment schemes, and further details on the entity’s name, governance structure and board composition will be announced later this year, they added.

    Read the full article here

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related News

    Paul Atkins Declares Support For Crypto Custody & DeFi Activities

    June 10, 2025

    GENIUS Act Stablecoin Bill Could Pass as Soon as Wednesday

    June 9, 2025

    Argentine President Milei Exonerated in Libra Meme Coin Probe

    June 9, 2025

    Kenya’s Crypto Tax Threatens Africa’s Digital Economy to Halt Before It Can Unify

    June 9, 2025
    Add A Comment
    Leave A Reply Cancel Reply

    Top News

    Can XRP Hit 800,000,000 Mark Again? On-Chain Drive Begins

    June 10, 2025

    Paul Atkins Declares Support For Crypto Custody & DeFi Activities

    June 10, 2025

    Solana (SOL) Holds $150 as Bullish Momentum Slowly Builds

    June 10, 2025
    Advertisement
    Demo
    Crypto Chain Post
    • Home
    • Privacy Policy
    • Terms of use
    • Advertise
    • Contact
    © 2025 Crypto Chain Post. All Rights Reserved.

    71-75 Shelton Street, Covent Garden, London United Kingdom, WC2H 9JQ

    Type above and press Enter to search. Press Esc to cancel.