{
 "jurisdiction_id": "SG",
 "jurisdiction": "Singapore",
 "url": "https://payments.gi/jurisdictions/singapore/",
 "generator": "render_jid v13.3.0",
 "date_modified": "2026-08-11",
 "schema_version": "world-payments-v1",
 "counts": {
  "modules": 14,
  "sourced_findings": 59,
  "source_register": 96
 },
 "modules": [
  {
   "code": "W1a",
   "name": "Licensing, Authorisation & Market Access",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/singapore/#w1a-licensing-authorisation-market-access",
   "standing_position": "Singapore's payments regime runs on the Payment Services Act 2019 (amended 4 Apr 2024) with a Part 9 FSMA licensing overlay for overseas-only DTSPs (effective 30 June 2025). MAS is now actively enforcing this perimeter, evidenced by the May 2026 revocation of Bsquared Technology's Major Payment Institution licence.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "primary statute",
     "source": "https://www.mas.gov.sg/regulation/payments",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "licensing taxonomy",
     "source": "https://www.mas.gov.sg/contact-us/faqs/payments-faqs/payments-service-licensing-faqs",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "threshold rule",
     "source": "https://licensing.gobusiness.gov.sg/licence-directory/mas/major-payment-institution-licence",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "licensing process change",
     "source": "https://www.mas.gov.sg/regulation/payments",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "transitional grandfathering",
     "source": "https://www.mas.gov.sg/contact-us/faqs/payments-faqs/payments-service-licensing-faqs",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W1b",
   "name": "Conduct, Safeguarding & Financial Promotions",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/singapore/#w1b-conduct-safeguarding-financial-promotions",
   "standing_position": "Safeguarding of customer monies for MPIs is achieved via a bank/financial-institution undertaking or guarantee, a trust account deposit, or other MAS-prescribed means. MPIs face base-capital and security-deposit obligations, fit-and-proper criteria, and ongoing MAS supervision via on-site and off-site reviews. Conduct standards include the E-Payments User Protection Guidelines (EUPG), amended December 2024 alongside the Shared Responsibility Framework.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "safeguarding mechanism",
     "source": "https://rsmstoneforest.sg/accreditations/payment-services-act [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "capital/security obligation",
     "source": "MAS Payment Services Act 2019 — MPI/SPI authorisation (mas.gov.sg)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "fit-and-proper / supervision",
     "source": "https://www.mas.gov.sg/contact-us/faqs/payments-faqs/payments-service-licensing-faqs",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "conduct guidelines",
     "source": "https://www.aoshearman.com/en/insights/ao-shearman-on-fintech-and-digital-assets/combatting-payment-account-fraud-singapores-shared-responsibility-framework [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W2",
   "name": "Stablecoins & Digital Money",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/singapore/#w2-stablecoins-digital-money",
   "standing_position": "MAS finalised its single-currency stablecoin (SCS) regulatory framework on 15 August 2023, applying to SCS pegged to SGD or a G10 currency and issued in Singapore. Qualifying issuers may earn the 'MAS-regulated stablecoin' label subject to 100% high-quality liquid reserves, segregation/custody, monthly attestations, annual audits, capital/liquidity buffers and at-par redemption within five business days. Until full legislation comes into force, stablecoins remain treated as digital payment tokens under the PS Act DPT regime. In November 2025 MAS signalled it would bring in stablecoin legislation giving full effect to the framework.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "regulatory framework",
     "source": "https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "reserve/redemption rules",
     "source": "https://www.paxos.com/blog/regulatory-landscape-for-stablecoins [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "in-force vs pending",
     "source": "https://www.ey.com/content/dam/ey-unified-site/ey-com/en-gl/industries/banking-capital-markets/documents/ey-gl-global-stablecoin-regulation-comparison-09-2025.pdf [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "issuance restriction",
     "source": "https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "horizon item",
     "source": "MAS Stablecoin (SCS) regulatory framework, Aug 2023 (mas.gov.sg)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W3",
   "name": "Operational Resilience & Critical Infrastructure",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/singapore/#w3-operational-resilience-critical-infrastructure",
   "standing_position": "MAS frames operational resilience around four pillars — operational risk, technology & cyber risk, third-party risk, and business continuity management. The Technology Risk Management (TRM) Guidelines (revised January 2021) and Business Continuity Management Guidelines, plus Notices on Cyber Hygiene and outsourcing Notices (658/1121), set supervisory expectations applicable to payment services firms. MAS is actively consulting on enhanced TRM/BCM and Third-Party Risk Management guidelines.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "resilience framework",
     "source": "https://www.mas.gov.sg/regulation/operational-resilience",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "outsourcing notice",
     "source": "https://www.mas.gov.sg/regulation/third-party-risk-management",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "consultation / panel",
     "source": "https://www.mas.gov.sg/regulation/cyber-security",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "BCM guidance",
     "source": "https://www.gieom.com/synopsis-of-the-operational-resilience-guideline-of-mas-monetary-authority-of-singapore/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W4",
   "name": "Scheme & Network Compliance",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/singapore/#w4-scheme-network-compliance",
   "standing_position": "The main card schemes operating in Singapore are Visa, Mastercard, American Express and the domestic NETS. Interchange/multilateral interchange fees are set by the schemes and embedded in the merchant discount rate; the Competition and Consumer Commission of Singapore (CCS, now CCCS) has issued a clearance decision on Visa's MIF system. Unlike the EU, Singapore has not imposed statutory interchange caps; MAS provides payment-system oversight and the PS Act grants MAS power to enforce interoperability. Scheme acquiring is governed by scheme rulebooks (e.g. NETS' Visa/Mastercard rule schedules).",
   "findings": [
    {
     "finding": null,
     "instrument_type": "competition decision",
     "source": "https://www.ccs.gov.sg/media-and-events/newsroom/announcements-and-media-releases/ccs-issues-a-clearance-decision-on-visa-s-mif-system/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "scheme interchange rule",
     "source": "https://sea.mastercard.com/en-region-sea/business/merchants/get-support/merchant-interchange-rates.html",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "scheme interchange rule",
     "source": "https://www.visa.com.sg/support/small-business/regulations-fees.html",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "scheme rulebook",
     "source": "https://www.nets.com.sg/nets/for-business/nets-commercial-agreement-for-merchants",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W5",
   "name": "Payment Corridor Dynamics",
   "confidence": "Confirmed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/singapore/#w5-payment-corridor-dynamics",
   "standing_position": "MAS and ABS are consolidating governance of Singapore's eight national payment schemes under SPaN, targeted operational in 2026, replacing fragmented administration across SCHA, ABS, MAS and IMDA.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "corridor linkages",
     "source": "https://www.worldfirst.com/sg/blog/international-transactions/cross-border-payments-singapore/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "corridor parameters",
     "source": "https://www.bot.or.th/en/financial-innovation/digital-finance/digital-payment/cross-border-payment.html",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "multilateral initiative",
     "source": "https://grokipedia.com/page/PayNow",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "corridor expansion",
     "source": "https://www.liquidgroup.sg/liquid-group-news/blog/paynow-upi-linkage-expands-liquid-group-customers-can-now-send-and-receive-real-time-funds-with-19-indian-banks-2",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W6",
   "name": "Industry Structure & Commercial Dynamics",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/singapore/#w6-industry-structure-commercial-dynamics",
   "standing_position": "Singapore's retail banking is dominated by three local groups — DBS, UOB and OCBC — alongside qualifying full banks and digital banks (e.g. GXS, MariBank, Trust Bank). The fintech/PSP layer is large: estimates cite 700-1,700 fintech firms and over 100 firms holding MAS digital-banking, payment or capital-market licences, with payments a leading sub-sector. Governance of national payment schemes is being consolidated under the new Singapore Payments Network (SPaN). NETS remains the domestic scheme/acquirer.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "market structure",
     "source": "https://www.hsbcnet.com/gbm/products-services/transaction-banking/payments-cash-management/-/media/hsbcnet/attachments/products-services/transaction-banking/payments-cash-management/market-singapore",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "PSP ecosystem",
     "source": "https://www.tenity.com/articles/singapore-fintech-your-complete-guide-to-asias-leading-financial-technology-hub/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "market-structure shift",
     "source": "https://www.mas.gov.sg/news/media-releases/2025/mas-and-abs-announce-the-incorporation-of-new-payments-entity",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "scheme consolidation",
     "source": "https://thedigitalbanker.com/mas-and-abs-launch-span-to-unify-and-future-proof-singapores-national-payment-infrastructure/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W7",
   "name": "Legal & Litigation",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/singapore/#w7-legal-litigation",
   "standing_position": "MAS enforcement in the payments space has intensified. In July 2025 MAS imposed S$27.45m in composition penalties on nine FIs over the August 2023 S$3bn money-laundering case, with prohibition orders/reprimands on 18 individuals. In June 2025 MAS levied S$960,000 on five MPIs providing cross-border money transfer for AML/CFT breaches under Notice PSN01 — the first public enforcement action against PSPs under the PS Act for AML failures. MAS's 2025-26 enforcement priorities emphasise AML/CFT and digital-asset risk. The 2025 Tokenize Xchange collapse (~S$266m owed) is a notable market-conduct event.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "enforcement action",
     "source": "https://www.mas.gov.sg/regulation/enforcement/enforcement-actions/2025/mas-imposes-composition-penalties-against-five-major-payment-institutions",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "enforcement action",
     "source": "https://www.ocorian.com/knowledge-hub/insights/mas-takes-financial-institutions-task-anti-money-laundering-breaches",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "enforcement significance",
     "source": "https://www.flagright.com/post/guide-to-real-time-aml-for-singapore-payment-processors",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "enforcement priorities",
     "source": "https://www.sidley.com/en/insights/newsupdates/2025/04/monetary-authority-of-singapore-outlines-enforcement-priorities-for-202526",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "market event",
     "source": "https://www.tenity.com/articles/singapore-fintech-your-complete-guide-to-asias-leading-financial-technology-hub/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W8",
   "name": "Merchant Acquiring & Risk",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/singapore/#w8-merchant-acquiring-risk",
   "standing_position": "Merchant acquisition is one of the seven regulated payment services under the PS Act, requiring an MPI/SPI licence. Acquiring economics run through the merchant discount rate (MDR), which bundles scheme interchange, network/assessment fees and acquirer markup; MDRs typically fall in a ~1.5-3.5% range depending on card type, MCC and channel. NETS provides domestic acquiring and dispute-monitoring frameworks; international acquirers (e.g. Xendit, MPI-licensed) offer merchant acquisition plus money-transfer services. Chargeback/dispute handling follows scheme rules.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "regulated activity",
     "source": "https://chambers.com/articles/a-guide-to-obtaining-a-payment-services-licence-in-singapore",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "acquiring economics",
     "source": "https://www.singsaver.com.sg/credit-card/blog/what-are-credit-card-interchange-fees",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "MDR composition",
     "source": "https://www.liquidgroup.sg/liquid-group-pte.-ltd.-blog/interchange-fees-explained-what-every-merchant-and-fintech-professional-should-know",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "acquirer onboarding/risk",
     "source": "https://www.xendit.co/en-sg/blog/mas-payment-services-act-what-singapore-businesses-need-to-know-about-payment-regulation/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W9",
   "name": "Product Innovation & Market Development",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/singapore/#w9-product-innovation-market-development",
   "standing_position": "Singapore runs a deep instant-payments and tokenisation innovation agenda. Domestic rails FAST (2014) and PayNow (2017, an overlay on FAST using NRIC/phone/UEN proxies and SGQR) anchor a cashless ecosystem. MAS leads/participates in Project Nexus (cross-border interlinking), Project Guardian (asset tokenisation), Project Mandala (compliance-by-design cross-border), and announced 2026 tokenised MAS-bill trials. The MAS FinTech Regulatory Sandbox and 2025 DTSP framework support product development; Paxos and StraitsX (XSGD) feature in stablecoin issuance.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "domestic rail",
     "source": "https://www.mas.gov.sg/development/e-payments",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "innovation projects",
     "source": "https://www.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/singapore/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "regulatory innovation",
     "source": "https://www.tenity.com/articles/singapore-fintech-your-complete-guide-to-asias-leading-financial-technology-hub/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "strategy / pilots",
     "source": "https://www.mas.gov.sg/development/fintech",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W10",
   "name": "Consumer Protection & APP Fraud",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/singapore/#w10-consumer-protection-app-fraud",
   "standing_position": "Singapore's flagship consumer-protection instrument for payment fraud is the Shared Responsibility Framework (SRF), implemented 16 December 2024 by MAS and IMDA via Guidelines. It allocates losses from defined phishing scams across FIs, telcos and consumers on a 'waterfall' basis with no liability cap, adds an FI real-time fraud-surveillance duty (6-month transition), and sits alongside the E-Payments User Protection Guidelines. Recourse runs through the FI as first contact, then FIDReC. Unlike the UK's APP-fraud reimbursement regime, the SRF covers unauthorised phishing transactions (not authorised push payments) and uniquely holds telcos accountable.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "consumer-protection framework",
     "source": "https://www.mas.gov.sg/regulation/guidelines/guidelines-on-shared-responsibility-framework",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "duty addition",
     "source": "https://www.mas.gov.sg/news/media-releases/2024/mas-and-imda-announce-implementation-of-shared-responsibility-framework-from-16-december-2024",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "scope",
     "source": "https://www.aoshearman.com/en/insights/ao-shearman-on-fintech-and-digital-assets/combatting-payment-account-fraud-singapores-shared-responsibility-framework",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "comparative / recourse",
     "source": "https://www.hsfkramer.com/notes/data/2024-posts/financial-institutions-and-telcos-required-to-share-responsibility-for-phishing-scams-in-singapore",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W11",
   "name": "AML/CFT & Financial Crime",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/singapore/#w11-aml-cft-financial-crime",
   "standing_position": "[Sentinel.gi position] Singapore's payments AML/CFT posture rests on a tiered MAS Notice regime — Notice PSN01 for specified payment services and PSN02 for DPT service providers — under the Financial Services and Markets Act 2022, with fines up to S$1m per offence (plus S$100k/day continuing). Revisions effective 1 July 2025 formally incorporate proliferation-financing risk in line with FATF. Singapore is an FATF and APG member; the COSMIC platform enables FI information-sharing. 2025 enforcement (S$27.45m + S$960k) reflects intensified supervision ahead of the FATF mutual evaluation.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "AML enforcement signal",
     "source": "sentinel.gi://flagright/psn01-enforcement-2025",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "Singapore operates a comprehensive statutory AML/CFT/CPF regime centred on MAS Notices, the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, the 2024 AML and Other Matters Act, and the FSMA-based DTSP licensing regime; FATF/APG's 2026 MER found a competent, coordinated system with a well-resourced FIU but uneven risk-based enforcement outcomes.",
     "instrument_type": "assessment",
     "source": "FIM (sentinel.gi) per-JID baseline profile — Singapore",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: regulatory-failure",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-002)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: enforcement-absence",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: capacity-deficit",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-004)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W12",
   "name": "Correspondent Banking, Settlement & Access",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/singapore/#w12-correspondent-banking-settlement-access",
   "standing_position": "MAS operates MEPS+ (MAS Electronic Payment System), Singapore's high-value SGD RTGS system and the settlement layer for SGS/MAS Bills, FAST, IBG and cheque clearing net positions. MEPS+ is a systemically important payment system designated under settlement-finality legislation, giving final/irrevocable settlement; it uses SWIFT messaging standards. All banks licensed in Singapore hold a current account with MAS and may participate directly; smaller banks may use agency arrangements. Cross-currency FX settles via CLS on a PVP basis. MAS applies a non-internationalisation policy on SGD lending to non-resident financial institutions.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "RTGS / settlement system",
     "source": "https://www.mas.gov.sg/regulation/payments/meps",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "settlement architecture",
     "source": "https://www.imf.org/-/media/Files/Publications/CR/2019/1SGPEA2019002.ashx",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "settlement-finality basis",
     "source": "https://www.readkong.com/page/payment-clearing-and-settlement-7635699",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "access / currency policy",
     "source": "https://www.hsbcnet.com/gbm/products-services/transaction-banking/payments-cash-management/-/media/hsbcnet/attachments/products-services/transaction-banking/payments-cash-management/market-singapore",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W13",
   "name": "Commercial Intelligence & Fintech",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/singapore/#w13-commercial-intelligence-fintech",
   "standing_position": "Trailing-12-month window (run date 2026-06-23). Singapore remained ASEAN's top fintech-funding recipient: H1 2025 attracted ~US$1.04bn across 90 deals (highest since H1 2023, +~87% YoY), though Q3 2025 cooled to US$192.8m. Payments and digital assets led. Airwallex (Australia-founded, now Singapore-based) raised a US$330m round at a US$6.2bn valuation (May 2025). MAS granted first stablecoin approvals (Paxos; StraitsX/XSGD). ASPAC M&A reached US$1.7bn across 82 deals in 2025; regional consolidation among smaller PSPs is a noted theme.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "funding aggregate",
     "source": "https://fintechnews.sg/119296/fintech/singapore-fintech-investment-h1-2025/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "funding round",
     "source": "https://kpmg.com/xx/en/what-we-do/industries/financial-services/pulse-of-fintech/aspac.html",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "product approval",
     "source": "https://www.tenity.com/articles/singapore-fintech-your-complete-guide-to-asias-leading-financial-technology-hub/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  }
 ]
}