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The Monetary Authority of Singapore or (MAS), is the central bank and financial regulatory authority of Singapore. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well as currency issuance and manages the foreign-exchange reserves .
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.
In 1999 Citibank was among the first four foreign banks to be awarded the Qualifying Full Bank (QFB) license by the Monetary Authority of Singapore (MAS) in 1999. [ 4 ] In 2004 Citibank incorporated the consumer banking business locally, forming Citibank Singapore Limited (CSL), a wholly owned subsidiary of Citi, with a paid-up capital of S$1.5 ...
On 9 December 2024, ACRA launched a revamped version of its Bizfile portal. The portal provides the public with access to various registry filing and business information services. According to ACRA, the key features of the revamped portal included "user-centric design and intuitive navigation features", "enhanced data integrity and governance ...
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.
Under Singapore's Monetary Authority of Singapore (MAS) Notice 626 - Prevention of Money Laundering and Countering the Financing of terrorism (Banks), [18] PEPs are persons, either domestic or foreign, who are entrusted with prominent public functions. Prominent public functions includes the roles held by a head of state, a head of government ...
The Government of Singapore consists of several departments, known as ministries and statutory boards in Singapore.Ministries are led by a member of the Cabinet and deal with state matters that require direct political oversight.
The system is supported by all major Singaporean banks and is regulated by the Monetary Authority of Singapore (MAS) and works by transferring funds between two bank accounts. Same as UPI, the PayNow, can send payments to vendors or others just by sending payments to their phone number or via Virtual Payment Address (VPA). [ 180 ]