SMU Sim Kee Boon Institute for Financial Economics organised a conference on Financial Technology (or fintech) and Financial Inclusion on 19 August. Speaking at the conference, Monetary Authority of Singapore managing director Ravi Menon noted that in 2014, Singapore became one of the first countries where people could perform instant inter-bank fund transfers around the clock, with the roll-out of the Fast (Fast and Secure Transfers) system. “Our vision is to make Singapore an electronic payments society. A society that spurs continuous innovation in payments technology; that gives consumers maximum convenience and confidence in making payments; that enables firms to increase productivity through payments integrated with business processes; and where swift, simple, and secure payments are a reality for everyone,” he said.
[Photo Source: ST File]