Singapore non-bank firms can use real-time payments systems

Central Banking Newsdesk
30 Nov 2020

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Some non-bank financial institutions in Singapore will gain direct access to its retail payment infrastructure from February 2021, the country’s central bank announced.

Only institutions licensed as “major payment institutions” under the Payment Services Act will be eligible, the Monetary Authority of Singapore said today (November 30). They could be given access to Singapore’s two real-time payments systems, Fast and Secure Transfers (Fast) and PayNow,

“Our vision to enable complete real-time

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