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The economy of Singapore is a highly-developed free-market economy. Singapore's economy has been ranked by the World Economic Forum as the most open in the world, the 3rd-least corrupt, and the most pro-business. Singapore has low tax-rates and the second-highest per-capita GDP in the world in terms of purchasing power parity (PPP). The Asia-Pacific Economic Cooperation (APEC) is headquartered in Singapore.
The Monetary Authority of Singapore 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. It was established in 1971 to act as the Singapore Government's banker.
The Singapore dollar is the official currency of Singapore. It is divided into 100 cents. It is normally abbreviated with the dollar sign $, or S$ to distinguish it from other dollar-denominated currencies. The Monetary Authority of Singapore issues the banknotes and coins of the Singapore dollar.
Wire transfer, bank transfer, or credit transfer, is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account, or through a transfer of cash at a cash office.
The EZ-Link card is a rechargeable contactless smart card and electronic money system that is primarily used as a payment method for public transport such as bus and rail lines in Singapore. A standard EZ-Link card is a credit-card-sized stored-value contact-less smart-card that comes in a variety of colours, as well as limited edition designs. It is sold by TransitLink Pte Ltd, a subsidiary of the Land Transport Authority (LTA), and can be used on travel modes across Singapore, including the Mass Rapid Transit (MRT), the Light Rapid Transit (LRT), public buses which are operated by SBS Transit, SMRT Buses, Tower Transit Singapore and Go-Ahead Singapore, as well as the Sentosa Express.
Digital currency is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital currencies include cryptocurrency, virtual currency and central bank digital currency. Digital currency may be recorded on a distributed database on the internet, a centralized electronic computer database owned by a company or bank, within digital files or even on a stored-value card.
The Portrait Series of currency notes is the fourth and current set of notes to be issued for circulation in Singapore. It was first introduced on 9 September 1999 by the Board of Commissioners of Currency Singapore (BCCS), whose role was since taken over by the Monetary Authority of Singapore (MAS) post-merger.
MEPS may refer to:
Because the rail operators are government-assisted profit-based corporations, fares and ticketing on Singapore's Mass Rapid Transit (MRT) system are currently aimed at least in breaking even to at least compensate for their costs of running the system. The rail operators collect fares by selling electronic tickets capable of storing data, the price of which is calculated based on the distance between the start and destination stations. These prices increase in fixed stages for standard non-concessionary travel. From the information that was earlier written in these tickets, it is possible to increase the fare according to increments based on approximate distances between stations.
Citibank Singapore Limited is a division of Citibank N.A. of the United States and incorporated in Singapore on 28 June 2004. Its parent was awarded Qualifying Full Bank (QFB) status on 20 October 1999, and this status was transferred to the Singapore division on the day of its incorporation. The bank has a shared automated teller machine (ATM) network with HSBC, State Bank of India, Maybank, The Royal Bank of Scotland, Bank of China, and Standard Chartered Singapore called atm5.
Tharman Shanmugaratnam is a Singaporean politician and economist serving as the Senior Minister of Singapore since 1 May 2019, after serving as Deputy Prime Minister for eight years. He is also Coordinating Minister for Social Policies and advises the Prime Minister on economic policies. He chairs the National Jobs Council aimed at rebuilding skills and jobs in the wake of COVID-19. He is concurrently the Chairman of the Monetary Authority of Singapore (MAS), Singapore's central bank and financial regulator.
Network for Electronic Transfers or more commonly known as NETS; is a Singaporean electronic payment service provider founded in 1985 by a consortium of local banks to establish the debit network and drive the adoption of electronic payments in Singapore. It is owned by DBS Bank, OCBC Bank and United Overseas Bank (UOB).
The Malaysian Electronic Payment System (MEPS) is an interbank network service provider in Malaysia. In August 2017, MEPS merged with Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear) to form Payments Network Malaysia Sdn Bhd (PayNet).
Virtual currency, or virtual money, is a type of unregulated digital currency, which is issued and usually controlled by its developers and used and accepted among the members of a specific virtual community. In 2014, the European Banking Authority defined virtual currency as "a digital representation of value that is neither issued by a central bank or a public authority, nor necessarily attached to a fiat currency, but is accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically". By contrast, a digital currency that is issued by a central bank is defined as "central bank digital currency".
Sunshine Empire was a Multi Level Marketing (MLM) company, set up in 2006, based in Singapore. It is now defunct, with assets frozen by the Singapore Court. The company is listed by the Singapore Government's Monetary Authority in its Investor's Alert List, for possibly running investment schemes without authority. After investigation by the Commercial Affairs Department (CAD) of the Singapore Police and a court trial, Sunshine Empire's Directors were charged with and found guilty of fraud, criminal breach of trust and falsifying accounts.
CashU is a digital wallet that allows consumers to pay and transfer money online, and issue prepaid virtual and plastic Mastercard. The company was established by Maktoob in July 2002, and it is headquartered in Dubai in the United Arab Emirates.
Cheque truncation is a cheque clearance system that involves the digitalisation of a physical paper cheque into a substitute electronic form for transmission to the paying bank. The process of cheque clearance, involving data matching and verification, is done using digital images instead of paper copies.
A non-bank foreign exchange company also known as foreign exchange broker or simply forex broker is a company that offers currency exchange and international payments to private individuals and companies. The term is typically used for currency exchange companies that offer physical delivery rather than speculative trading. i.e. there is a physical delivery of currency to a bank account.
An automated clearing house (ACH) is a computer-based electronic network for processing transactions, usually domestic low value payments, between participating financial institutions. It may support both credit transfers and direct debits. The ACH system is designed to process batches of payments containing numerous transactions and charges fees low enough to encourage its use for low value payments.
The Payment Services Act 2019 is a statute of the Parliament of Singapore that provides a framework for the regulation of payment systems and payment service providers in Singapore. According to the Monetary Authority of Singapore (MAS) the PS Act provides for regulatory certainty and consumer safeguards, while encouraging innovation and growth of payment services and FinTech.
References
- ↑ "MAS Electronic Payment System (MEPS+)". Monetary Authority of Singapore . Archived from the original on 11 May 2017. Retrieved 24 February 2016.
- ↑ "Payment, clearing and settlement systems in Singapore" (PDF). BIS.org. 2011. p. 17. Retrieved 24 February 2016.
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