MAS looks to overhaul payment systems
Central bank hoping to improve governance, regulation and technology
The Monetary Authority of Singapore unveiled plans today (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 payments, contactless card payments 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
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