Singapore to streamline electronic payment regulations to become fintech-focused

The central bank of Singapore announced today that it will make regulatory changes in order to facilitate the use of electronic payments in a move to make Singapore, a major centre for fintech.

According to Reuters, Ravi Menon, MD of Monetary Authority of Singapore (MAS) spoke during a conference on fintech and financial inclusion jointly organized by Singapore Management University and the International Monetary Fund. 

“Our vision is to make Singapore an electronic payments society, a society that spurs innovation in payments technology, that gives consumers maximum convenience and confidence in making payments,” Menon stated, as reported by Reuters. "We will enhance the provisions for consumer protection and strengthen cyber security requirements.”

He stated that MAS will streamline the existing money changing, remittance and payment systems law to a single legislation to govern both the traditional as well as innovative payment business. He also added that the payment service providers under the updated framework will require only one license to perform multiple payment activities.

In recent times, Singapore is increasingly taking the interest in the emerging financial technology industry and making efforts to spearhead fintech revolution. The nation will also host The Singapore FinTech Festival organized by MAS, which is a weeklong event from 14 to 18 November 2016. The event will bring together the global financial community to a series of back-to-back fintech events and aims in providing a platform for collaborations, connections, and co-creations within the fintech ecosystem in and around Singapore.