Singapore will launch a new payments agency by the end of 2026 to manage its national payment systems, including popular services like PayNow and SGQR. The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) said this move will make the country’s payment systems more reliable, secure, and innovative.
Why Singapore Is Creating a New Payments Agency
The agency will bring all key payment systems under one roof, making them easier to manage. This includes PayNow, SGQR, and the Inter-bank GIRO system. Currently, these services operate independently, but the new agency will provide a single point of accountability. Ravi Menon, Managing Director of MAS, said, “This new payments entity will ensure our infrastructure remains resilient, efficient, and inclusive as Singapore continues its transition towards a digital-first financial ecosystem.” The goal is to reduce overlap, make processes smoother, and adapt quickly to new technologies.
How the Agency Will Work
The agency will be a not-for-profit organization supported by MAS and major banks. Senior leaders from both the central bank and the financial sector will guide its operations. During the transition, users will not notice any changes. People and businesses can continue using PayNow, SGQR, and GIRO without interruption. The focus will be on long-term improvements rather than immediate changes. Wong Kee Joo, Chairman of ABS, called the move “a step forward in securing Singapore’s position as a trusted hub for payments innovation and financial stability.”
The Role of Digital Payments in Singapore
Singapore has been a leader in financial technology for years. PayNow, launched in 2017, allows instant transfers using a mobile number or national ID. SGQR, introduced in 2018, combined multiple QR payment systems into one standard, simplifying transactions for everyone.
Creating a centralized agency will strengthen Singapore’s digital payments even further. Analysts say it could also help the country influence payment standards across Southeast Asia. Singapore and Malaysia already launched real-time QR code payments between the two countries in 2023, showing the region’s push for seamless cross-border transactions.
Balancing Regulation and Innovation
Experts welcome the new agency but say it must balance oversight with innovation. Assoc. Prof. Lawrence Loh from the National University of Singapore explained, “Centralising governance improves oversight, but too much control may limit experimentation in the private sector.” Consumer groups have also asked about privacy and security. MAS has assured the public that strong safeguards will be in place, keeping personal and financial information safe while maintaining trust in the system.
What This Means for Users
For everyday users, this change will be seamless. Payments through PayNow, SGQR, or GIRO will continue as usual. Businesses might see improvements over time, such as smoother transactions and more secure systems. The agency is expected to fully take over by 2026, providing a more efficient and reliable payments infrastructure for the future.
This new agency shows Singapore’s commitment to staying at the forefront of digital payments. By combining oversight under one organization, the country can make its payment systems more efficient, secure, and ready for future innovations. It also positions Singapore as a leader in shaping regional payment standards, keeping the nation ahead in the digital financial world.