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Global

MAS Launches Financial Services Industry Transformation Map 2025 (Singapore)

Mr. Lawrence Wong, Deputy Prime Minister and Minster for Finance, and Monetary Authority of Singapore (MAS) Deputy Chairman, launched the Financial Services Industry Transformation Map (ITM) 2025 today. The ITM 2025 lays out the growth strategies to further develop Singapore as a leading international financial centre in Asia – to connect global markets, support Asia’s development, […]
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Global

Banks in Talks with Singapore’s DBS to Begin Real-Time Remittance System

“At least five Indian banks, including the State Bank of India and ICICI Bank, are in discussions with Singapore’s DBS Bank to start a real-time remittance system using UPI as the backbone, reported The Economic Times on Wednesday. The banks are in discussions to start a common remittance platform with the city-state in collaboration with Singapore’s PayNow funds’ transfer service, reported ET quoting people familiar […]
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Global

Indonesia, Singapore Agree to Link QR Code Payments

“Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) have agreed to initiate cooperation on cross-border Quick Response (QR) code-based payment linkage between Indonesia and Singapore to encourage payment connectivity in ASEAN.”Bank Indonesia believes that the initiative marks an important milestone in strengthening bilateral financial cooperation between Singapore and Indonesia,” Governor of Bank Indonesia […]
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Global

Central Banks in Five SE Asian Countries to Create Common Contactless QR Payments Zone

“The central banks of Indonesia, Malaysia, the Philippines, Singapore and Thailand are to develop an interoperable cross-border payments system that will enable residents of each country to use their mobile banking app to make QR code-based payments for goods and services when visiting any of the other territories. The integrated system will enable visitors to […]
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Global

Mojaloop Foundation Launches the Mojaloop CBDC Center of Excellence in Singapore

“The Mojaloop Foundation today announced the launch of its Mojaloop Central Bank Digital Currency (CBDC) Center of Excellence (COE) in Singapore to advance financial inclusion in emerging markets. In addition, the Mojaloop Foundation announced the appointment of Nick Drury, a seasoned executive with nearly 25 years of experience innovating payments technology to drive inclusion, as the Mojaloop CBDC COE Director. […]
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Global

Singapore’s Gen-Z Are Borrowing Too Freely, Central Bank Worries

“Many officials in Singapore , though, aren’t convinced Gen Z consumers like Lee are spending wisely. The growing popularity of BNPL services among young Singaporeans is unnerving regulators and politicians who fear BNPL apps prey on 20-somethings who may be financially naive. “Young adults without sufficient financial awareness can have access to credit lines before […]
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Global

Singapore’s Fintech Honcho Has Vision of Asian Silicon Valley

“Singapore sees more investments pouring into financial technology firms this year as the city-state seeks to become a regional hub for capital raising in areas from payments to robo-advisory, according to a top central bank official. Such investments have risen from around $20 million in 2014 to a record $1.1 billion last year, and more […]

On The Wires

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Companies

Adyen Singapore Now Licensed Under Payment Services Act As a Major Payments Institution

“Adyen, the global payments platform of choice for many of the world’s leading companies, today announced that its Singapore entity, Adyen Singapore Pte Ltd, has received approval from the Monetary Authority of Singapore (MAS) to carry out merchant acquisition services under the Payment Services Act 2019 (PSA). Effective from 1 May 2021, Adyen Singapore’s license as a Major Payment Institution under the […]