Singapore to create Payments Council to boost digital payments
The Monetary Authority of Singapore (MAS) has revealed plans to set up a Payments Council to promote e-payments in the Island-nation.
The proposed council will comprise of 20 members from banks, payment service providers, businesses, and trade associations. These members will have a term of two years.
The Payments Council will be tasked with encouraging collaboration within the payments industry and promote interoperability among e-payments solutions.
MAS said that the proposed body will also be responsible for developing strategies to drive the adoption of e-payments in the country and advise it on payments related policies.
Ravi Menon, managing director of MAS, will be the chairman of the Payments Council.
Menon commented: “We have many good e-payment solutions in Singapore. We need to make them more inter-operable and better integrate them with individual and business use cases so that more people will adopt e-payments. The Payments Council brings together the various parties that can help achieve this. Our mission is to make e-payments simple, seamless, and secure for all Singaporeans.”