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MAS Leads the Charge in Promoting Secure and Innovative Digital Money Usage in Singapore

The Monetary Authority of Singapore (MAS) has announced three new initiatives aimed at promoting the secure and innovative use of digital money in the country. These initiatives are part of MAS’s ongoing efforts to create a conducive environment for the development of financial technology and digital payment solutions. The first initiative involves the introduction of a new regulatory framework for digital payment token service providers. This framework will enhance the supervision of these providers and ensure that they adhere to robust anti-money laundering and counter-terrorism financing measures. The second initiative focuses on strengthening the security of e-payments, with MAS working closely with industry stakeholders to develop a common QR code for Singapore. This will simplify the payment process and reduce the risk of fraudulent transactions. The final initiative aims to promote the adoption of digital payments among small and medium-sized enterprises (SMEs). MAS plans to launch a grant scheme to incentivize SMEs to adopt e-payments and provide them with the necessary support and resources. These initiatives demonstrate MAS’s commitment to fostering a secure and innovative digital payment ecosystem in Singapore.

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