SINGAPORE, Feb. 12 (Xinhua) -- Singapore will establish a new entity to consolidate the administration and governance of its national payment schemes, the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore announced in a joint statement on Wednesday.

The move aims to "position these schemes for the next stage of growth," the statement said, adding that the entity will also work with the MAS to develop Singapore's national payments strategy, ensuring a "safe, efficient, and innovative payments infrastructure."

Currently, Singapore's eight existing payment schemes, including the Singapore Quick Response Code (SGQR), PayNow, and the Inter-bank GIRO System, are managed by different administrators. Consolidating them under a single entity is expected to foster more effective and inclusive payment solutions for banks and payment service providers, the statement said.

"This transition will also open doors for greater collaborations with international digital wallets and financial institutions," said Leong Der Yao, assistant chief executive of the Infocomm Media Development Authority, which has worked with the MAS on the SGQR scheme since 2017.

The new entity will be governed by senior representatives from the MAS and the financial services industry. Industry committees will also be formed to engage banks, payment service providers, and key user groups such as industry and business associations.

There will be no changes to the operations or scheme rules of the existing payment systems. Enditem

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