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Fares can be paid via stored value travel cards (e.g. EZ-Link), bank cards (e.g. credit/debit cards, mobile wallets), or tourist passes. [20] The ticketing system is developed based on the Contactless e-Purse Application standard. The Symphony for e-payment (SeP) is the backend processing and clearing system for public transit. [21]
NETS operates Singapore's national debit scheme enabling customers of DBS Bank, POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank, CIMB and UOB to make payments using their physical/contactless ATM cards or mobile devices at more than 120,000 acceptance points in Singapore including major retailers, food courts, hawker centres, convenience stores and supermarkets.
atm⁵ is also one of the few interbank networks that does not charge its customers for transactions via another member bank's ATM, having removed all interbank transaction charges on April 4, 2006. One of the six atm5 members, Citibank has numerous ATMs, but only a small percentage of them can be used for atm⁵ transactions.
The MAS Electronic Payment System, or MEPS in short, is an SGD-only online interbank payment and fund transfer system in Singapore. [1] It went online in July 1998, and is owned and operated by the Monetary Authority of Singapore (MAS). The irrevocable transfer of funds and the real-time nature of transfers are some of the key features of MEPS.
A courier is a person or organization that delivers a message, package or letter from one place or person to another place or person. [1] Typically, a courier provides their courier service on a commercial contract basis; however, some couriers are government or state agency employees (for example: a diplomatic courier).
If the spot date falls on the last business day of the month in the currency pair then the delivery date is defined by convention to be the last business day of the target month e.g. assuming all days are business days: if spot is at 30 April, a one-month time to expiry will make the delivery date 31 May. This is described as trading "end-end".
Bank of Singapore is the private banking arm and a wholly owned subsidiary of Oversea-Chinese Banking Corporation (OCBC), Southeast Asia’s second largest bank. Formerly known as ING Asia Private Bank , it was acquired by OCBC in 2009 from ING Group for US$ 1.46 billion. [ 3 ]
Commercial banks in Singapore may undertake universal banking, such as the taking of deposits and the provision of cheque services and lending, as well any other business authorised by the Monetary Authority of Singapore, including financial advisory services, insurance brokering and capital market services, as long as they are permitted under section 30 of the Banking Act.