EddieJayonCrypto
26 Feb 25
Singapore is establishing a new entity to oversee national payment schemes in response to the growing trend of financial digitalization in Southeast Asia. The entity, a collaboration between the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS), aims to enhance ef...
Singapore is establishing a new entity to oversee national payment schemes in response to the growing trend of financial digitalization in Southeast Asia. The entity, a collaboration between the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS), aims to enhance efficiency, resilience, and innovation in the local payments ecosystem. While details about the new entity are limited, it is expected to be supervised by the central bank and comprise key players from the financial services sector. This development may also have implications for the integration of digital assets into mainstream payment systems in Singapore.
Additionally, the article highlights the global trend of enterprises embracing digitalization, particularly through the adoption of artificial intelligence (AI) and blockchain technology. The integration of AI, in particular, has seen significant growth, with firms reporting increased productivity, although concerns about employee retention and the need for digital upskilling are also noted. Furthermore, blockchain adoption, especially in the Middle East, is discussed, with a focus on its potential for data management, tokenization, and smart contract-powered automation.