Central Banking

MAS's Menon hails local alternative to cash

Ravi Menon

Monetary Authority of Singapore (MAS) managing director Ravi Menon has praised the city-state's electronic funds transfer service, Fast, as a potentially "safer and cheaper" alternative to cash, adding that member banks are "studying" a system that will allow payments to be made using mobile numbers.

Fast, or the "Fast And Secure Transfers" service, has enabled 18 million of primarily person-to-person transactions in Singapore since launching in March 2014. Nevertheless, it has "some [way] to go

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