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

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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

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