KPMG in Singapore was commissioned by the Monetary Authority of Singapore (MAS) to look into the state of the payments ecosystem in Singapore.

More than 2,500 consumers, merchants and other stakeholders were surveyed for the report, with recommendations made on how Singapore can improve the payments systems in support of the Smart Nation Vision and to the greater benefit of all Singaporeans.

Singapore has been highly ranked by several independent reports as one of the leading global FinTech hubs in the world. The MAS is deeply plugged into the thriving FinTech ecosystem, where traditional financial institutions and newer players are collaborating to bring exciting new FinTech products and services to the market.  As a progressive regulator of the financial industry in Singapore, MAS has demonstrated thought leadership in developing a regulatory sandbox for innovative FinTech solutions, encouraging the usage of cloud computing by the financial industry, and providing incentives for test-bedding of novel proof-of-concept technologies.  MAS will also inaugurate the Singapore FinTech Festival in November 2016, which will bring together a series of distinct FinTech events and showcase innovative FinTech solutions that address 100 global problem statements that were crowd sourced from financial industry. These initiatives are aimed at anchoring both local and global FinTech development in Singapore.  MAS’ vision of creating an electronic payments society is an important pillar of Singapore’s FinTech strategy, and this report is a crucial first step in realising that vision.