MAS looks to overhaul payment systems

City state has access to some of the most advanced payment systems, but cash and cheque usage remains high

Bright plans: Singapore aims to become a fintech hub

The Monetary Authority of Singapore unveiled plans on August 19 to overhaul payments governance, regulation and technology in the country.

Despite having access to some of the world's most advanced payments systems – including real-time retail, contactless card and mobile payments – inhabitants of the city state still use cash and cheques for many transactions.

Cash in circulation in Singapore is worth 8.8% of GDP, compared with 4.4% in Australia and 2.1% in Sweden, said MAS managing director

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact customer services -, or view our subscription options here:

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a FX Markets account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: