Singapore to update electronic payment regulations in fintech drive

A view of the Monetary Authority of Singapore building in Singapore April 18, 2016. REUTERS/Edgar Su/Files

SINGAPORE: Singapore will make regulatory changes to facilitate the use of electronic payments, the central bank said on Aug 19, as the city-state aims to become a major centre for financial technology (fintech). 

"Our vision is to make Singapore an electronic payments society, a society that spurs innovation in payments technology, that gives consumers maximum convenience and confidence in making payments," said Ravi Menon, Managing Director of the Monetary Authority of Singapore.