MAS calls for the use of digital funding and electronic payments to support the fight against the epidemic of COVID-19

The Monetary Authority of Singapore (MAS) has issued a statement urging businesses and individuals to use digital financial services and payment systems such as PayNow.

Singapore as of April 14 local time, a cumulative confirmed new Coronavirus (COVID-19) 3252 cases. Currently, the new coronavirus is in the global wild, although Singapore previously has better control over the outbreak, but the situation is still relatively serious.



Singapore’s ministry of national development announced Monday that all people must wear masks outside except children under 2 years old and those doing strenuous exercise outdoors.

That is why the Monetary Authority of Singapore has called for the use of digital funding and electronic payments to support the fight against the epidemic (COVID-19).

Many local private banks, insurance companies and brokerage firms in Singapore can provide fixed or mobile financial services to customers.

Some financial institutions in Singapore also offer their clients other forms of non-face-to-face trading, such as performing customer verification via video or teleconferencing.

 

The Monetary Authority of Singapore (MAS) said financial institutions were encouraged to actively promote the use of these digital services and provide appropriate guidance to customers on how to use them.

In addition, the Canadian Monetary Authority (MAS) is working with the Banking Association of Singapore to promote the use of the electronic payment system PayNow, PayNow Corporate and SGQR. MAS says that the electronic payment system now has more than 2 million users in Singapore.
In the next month, both sides will work together to increase the promotion efforts, universal QR code payment.