Latest news with #Span
The Star
2 days ago
- Business
- The Star
New body to oversee city-state's payment schemes
The Singapore Payments Network will aim to strengthen the governance of both national and cross-border payment schemes. — The Straits Times SINGAPORE: Singapore announced the incorporation of a new entity that will administer and oversee the Republic's eight national payment schemes, such as Fast, Giro, PayNow and SGQR. The Singapore Payments Network (Span), which will be operational by 2026, will aim to strengthen the governance of both national and cross-border payment schemes, the Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) said on June 25. It will also drive continuous innovation in the payments space and encourage active collaboration among key industry players. Additionally, the initial members of Span are MAS and financial institutions comprising Citibank, DBS Bank, HSBC, Maybank, OCBC, Standard Chartered Bank and UOB. A board of directors will be formed to guide Span's progression from incorporation to operational readiness, while ensuring sound governance and alignment with its strategic purpose, MAS and ABS said. Additionally, the 11-member board will comprise two senior representatives from MAS, five from bank and non-bank financial institutions, as well as four independent industry directors. It will also oversee the next phase of work, including the onboarding of other core national payment infrastructure participants as company members, and the transition of the payment schemes from their current administrators to Span. Such schemes are currently administered and governed by MAS, ABS, the Singapore Clearing House Association and the Infocomm Media Development Authority. This development comes after MAS and ABS announced on Feb 12 plans to consolidate Singapore's national payment schemes under a single entity. Speaking at ABS' 52nd annual dinner on June 25, Deputy Prime Minister Gan Kim Yong said the formation of Span is a timely move to strengthen the national payments infrastructure and drive further innovation within Singapore's payments sector. Furthermore, Gan, who is also MAS chairman, noted that payment options such as Fast and SGQR are an indispensable part of the daily lives of consumers and businesses, as they enable personal and corporate payment transactions within and outside of Singapore. — The Straits Times/ANN
Singapore Law Watch
2 days ago
- Business
- Singapore Law Watch
MAS, ABS announce new entity to oversee Singapore's eight national payment schemes
MAS, ABS announce new entity to oversee Singapore's eight national payment schemes Source: Straits Times Article Date: 26 Jun 2025 Author: Sheila Chiang Operational by 2026, it will boost governance of both national and cross-border schemes. Singapore announced the incorporation of a new entity that will administer and oversee the Republic's eight national payment schemes, such as Fast, Giro, PayNow and SGQR. The Singapore Payments Network (Span), which will be operational by 2026, will aim to strengthen the governance of both national and cross-border payment schemes, the Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) said on June 25. It will also drive continuous innovation in the payments space and encourage active collaboration among key industry players. The initial members of Span are MAS and financial institutions comprising Citibank, DBS Bank, HSBC, Maybank, OCBC, Standard Chartered Bank and UOB. A board of directors will be formed to guide Span's progression from incorporation to operational readiness, while ensuring sound governance and alignment with its strategic purpose, MAS and ABS said. The 11-member board will comprise two senior representatives from MAS, five from bank and non-bank financial institutions, as well as four independent industry directors. It will also oversee the next phase of work, including the onboarding of other core national payment infrastructure participants as company members, and the transition of the payment schemes from their current administrators to Span. Such schemes are currently administered and governed by MAS, ABS, the Singapore Clearing House Association and the Infocomm Media Development Authority. This development comes after MAS and ABS announced on Feb 12 plans to consolidate Singapore's national payment schemes under a single entity. Speaking at ABS' 52nd annual dinner on June 25, Deputy Prime Minister Gan Kim Yong said the formation of Span is a timely move to strengthen the national payments infrastructure and drive further innovation within Singapore's payments sector. Mr Gan, who is also MAS chairman, noted that payment options such as Fast and SGQR are an indispensable part of the daily lives of consumers and businesses, as they enable personal and corporate payment transactions within and outside of Singapore. In a statement, MAS managing director Chia Der Jiun said the incorporation of Span is an important step towards strengthening Singapore's national payment infrastructure through a unified governance framework. ABS chairman Helen Wong added that streamlining the governance of the Republic's payment schemes under Span will allow financial institutions to respond more swiftly and innovate more effectively to meet the evolving digital payment needs of consumers and businesses. At the event, Ms Wong also said that Singapore will roll out two electronic deferred payment (EDP) methods at the end of July to support the transition from cheques to e-payments. Retail and corporate customers of seven banks – DBS, OCBC, UOB, Citibank, Standard Chartered, Maybank and HSBC – will have access to these two solutions via digital banking platforms. An awareness and educational campaign will also be launched alongside the roll-out. In his speech, Mr Gan noted that Singapore's banking sector has been the cornerstone of the city-state's position as a global financial centre. 'Today, our banks are among the best-capitalised, most digitally advanced, and most regionally connected in the world. This has enabled Singapore to become a key node for capital in Asia, which in turn reinforces our presence as a hub for trade, investments and talent,' he said. Despite such achievements, US tariff uncertainties weigh on countries including Singapore as they await the outcome of the US' negotiations with its other key trading partners, he said. Notwithstanding the outcome of these negotiations, it is unlikely that the US will return to the status quo ante any time soon, he said. Businesses must therefore adapt to a more protectionist global economic order. Mr Gan noted that banks play a critical role in helping companies tide through emerging challenges such as cashflow issues due to cancelled or deferred orders from tariffs. He said that banks have stepped up in this time of need, such as offering temporary extensions of trade bills to small and medium-sized enterprises, and he encouraged banks to take the opportunity to strengthen customer relationships by supporting these companies' growth and expansion into new markets. Mr Gan said such geo-economic disruptions are happening amid other fundamental changes, including the need to transition to a low-carbon future. He noted the need to establish clear, consistent and credible guidelines to drive effective climate-financing action. As a result, the Singapore Sustainable Finance Association will launch a guide to leverage the Singapore-Asia Taxonomy (SAT) to support green and transition financing. The SAT was launched by MAS two years ago to facilitate transition financing, with clear, credible and science-based definitions of what constitutes green and transition activities. For example, the guide will offer industry-agreed interpretations in areas where data gaps may exist or where further clarity is needed. This will give market participants greater confidence to raise and deploy green and transition financing that are aligned to the SAT, said Mr Gan. He also announced that NUS Business School will be introducing an undergraduate specialisation in sustainable finance. NUS plans to enrol about 50 students in each academic year in this programme and hopes to scale this up over time. Source: The Straits Times © SPH Media Limited. Permission required for reproduction. Print
Straits Times
3 days ago
- Business
- Straits Times
MAS, ABS announce new entity to oversee Singapore's eight national payment schemes
Deputy Prime Minister Gan Kim Yong noted that payment options such as Fast and SGQR are an indispensable part of the daily lives of consumers and businesses. PHOTO: LIANHE ZAOBAO SINGAPORE - Singapore announced the incorporation of a new entity that will administer and oversee the Republic's eight national payment schemes, such as Fast, Giro, PayNow and SGQR. The Singapore Payments Network (Span), which will be operational by 2026, will aim to strengthen the governance of both national and cross-border payment schemes, the Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) said on June 25. It will also drive continuous innovation in the payments space and encourage active collaboration among key industry players. The initial members of Span are MAS and financial institutions comprising Citibank, DBS Bank, HSBC, Maybank, OCBC, Standard Chartered Bank and UOB. A board of directors will be formed to guide Span's progression from incorporation to operational readiness, while ensuring sound governance and alignment with its strategic purpose, MAS and ABS said. The 11-member board will comprise two senior representatives from MAS, five from bank and non-bank financial institutions, as well as four independent industry directors. It will also oversee the next phase of work, including the onboarding of other core national payment infrastructure participants as company members, and the transition of the payment schemes from their current administrators to Span. Such schemes are currently administered and governed by MAS, ABS, the Singapore Clearing House Association and the Infocomm Media Development Authority. This development comes after MAS and ABS announced on Feb 12 plans to consolidate Singapore's national payment schemes under a single entity. Speaking at ABS' 52nd annual dinner on June 25, Deputy Prime Minister Gan Kim Yong said the formation of Span is a timely move to strengthen the national payments infrastructure and drive further innovation within Singapore's payments sector. Mr Gan, who is also MAS chairman, noted that payment options such as Fast and SGQR are an indispensable part of the daily lives of consumers and businesses, as they enable personal and corporate payment transactions within and outside of Singapore. In a statement, MAS managing director Chia Der Jiun said the incorporation of Span is an important step towards strengthening Singapore's national payment infrastructure through a unified governance framework. ABS chairman Helen Wong added that streamlining the governance of the Republic's payment schemes under Span will allow financial institutions to respond more swiftly and innovate more effectively to meet the evolving digital payment needs of consumers and businesses. At the event, Ms Wong also said that Singapore will roll out two electronic deferred payment (EDP) methods at the end of July to support the transition from cheques to e-payments. Retail and corporate customers of seven banks – DBS, OCBC, UOB, Citibank, Standard Chartered, Maybank and HSBC – will have access to these two solutions via digital banking platforms. An awareness and educational campaign will also be launched alongside the roll-out. In his speech, Mr Gan noted that Singapore's banking sector has been the cornerstone of the city-state's position as a global financial centre. 'Today, our banks are among the best-capitalised, most digitally advanced, and most regionally connected in the world. This has enabled Singapore to become a key node for capital in Asia, which in turn reinforces our presence as a hub for trade, investments and talent,' he said. Despite such achievements, US tariff uncertainties weigh on countries including Singapore as they await the outcome of the US' negotiations with its other key trading partners, he said. Notwithstanding the outcome of these negotiations, it is unlikely that the US will return to the status quo ante any time soon, he said. Businesses must therefore adapt to a more protectionist global economic order. Mr Gan noted that banks play a critical role in helping companies tide through emerging challenges such as cashflow issues due to cancelled or deferred orders from tariffs. He said that banks have stepped up in this time of need, such as offering temporary extensions of trade bills to small and medium-sized enterprises, and he encouraged banks to take the opportunity to strengthen customer relationships by supporting these companies' growth and expansion into new markets. Mr Gan said such geo-economic disruptions are happening amid other fundamental changes, including the need to transition to a low-carbon future. He noted the need to establish clear, consistent and credible guidelines to drive effective climate-financing action. As a result, the Singapore Sustainable Finance Association will launch a guide to leverage the Singapore-Asia Taxonomy (SAT) to support green and transition financing. The SAT was launched by MAS two years ago to facilitate transition financing, with clear, credible and science-based definitions of what constitutes green and transition activities. For example, the guide will offer industry-agreed interpretations in areas where data gaps may exist or where further clarity is needed. This will give market participants greater confidence to raise and deploy green and transition financing that are aligned to the SAT, said Mr Gan. He also announced that NUS Business School will be introducing an undergraduate specialisation in sustainable finance. NUS plans to enrol about 50 students in each academic year in this programme and hopes to scale this up over time. Join ST's Telegram channel and get the latest breaking news delivered to you.
Miami Herald
06-06-2025
- Business
- Miami Herald
India's First Bullet Train Reaches Major Milestone
India's Mumbai-Ahmedabad High-Speed Rail project reached a major breakthrough after completing more than 300 kilometers of viaducts. The MAHSR corridor, spanning 508 kilometers (315 miles), utilizes Shinkansen bullet trains from Japan as part of a testing partnership between the two nations. Newsweek reached out to Indian Railway, the corridor's owner, via email for comment. The MAHSR bullet train is India's largest transportation infrastructure project, and would reduce travel time from up to seven hours to just two hours between Mumbai and Ahmedabad, two of the most important cities in the Indian economy. India's success in high-speed rail, if realized, could signal an increase in competitiveness and the adoption of green mobility in large emerging economies. The NHSRCL reported that as of June 2025, more than 300 kilometers of elevated viaduct structures had been completed, using Full Span Launching Method and Span-by-Span engineering techniques. Fourteen river bridges, seven steel bridges, and five prestressed concrete bridges have now been completed. As a result, the project has entered a critical testing phase, with Japan beginning trials of the first Shinkansen bullet trains built for India. Indian-made trains, developed under the "Make in India" initiative, are currently undergoing initial tests at speeds up to 280 km/h, though the operational target upon project completion is 320 km/h (about 199 mph). The rolling stock is designed with reclining and swiveling seats, air conditioning, modern entertainment systems, and facilities for passengers with disabilities. The MAHSR was designed to be environmentally conscious, and it features over 300,000 noise barriers along its route. The initial cost per bullet train is estimated at Rs 27.86 crore, equivalent to approximately $3.2 million. Civil work has finished at six out of eight stations in Gujarat, while Mumbai's underground terminus at Bandra Kurla Complex is 75 percent excavated. Gujarat's component of the corridor is nearing operational readiness, though delays around Mumbai may halt future progress. An NHSRCL official, in a statement to TheTimes of India: "This project has pioneered the use of indigenously designed and manufactured equipment such as straddle carriers, launching gantries, bridge gantries, and girder transporters. "It marks a first for Indian infrastructure and reflects growing domestic expertise in high-speed rail construction, supported by technical collaboration with Japan." The MAHSR project is expected to commence partial operations in 2026 and launch the first passenger service in Gujarat by 2028, with full connectivity to Mumbai anticipated by 2030. Once completed, it is expected to contribute to India's climate goals by providing large-scale public transit capacity with zero direct emissions. Related Articles 'Doomsday Fish' Discoveries Spark Fears Of Impending Natural DisasterThe Intifada Is Already Globalized. Its Victims Must Unite | OpinionFour Airlines Announce Investment in the Future of Travel to IndiaGlobal Arms Race Warning Issued As Nuclear Warheads Increase 2025 NEWSWEEK DIGITAL LLC.
Daily Tribune
31-05-2025
- Sport
- Daily Tribune
Real Madrid sign AlexanderArnold from Liverpool
Real Madrid have signed defender Trent Alexander-Arnold from Liverpool on a deal until 2031, the Spanish giants said yesterday. The 26-year-old England international's contract at Anfield was drawing to an end but Madrid paid a fee to bring him in earlier so he can play in the Club World Cup. Right-back Alexander-Arnold, who has just won the Premier League title with Liverpool, came through the academy of his boyhood club and won the Champions League in 2019. He also won the Premier League in 2020 and 352 appearances for the club. The de fender joins former Liverpool midfielder Xabi Alonso a t Real Madrid, with the Span - iardap-pointed as their new coach to replace Carlo Ancelotti. Alexander-Arnold's close connections to Liverpool meant that his announcement that he was leaving the club was viewed with disgust by some supporters and he was booed in the penultimate match of the season. But after club figures including former manager Jurgen Klopp and Mohamed Salah urged fans to remember the contribution he has made to Liverpool's success over the last six years, he was roundly cheered when he lifted the Premier League trophy at Anfield last Sunday. The defender joins a Real Madrid side which failed to win a major trophy this season. Alexander-Arnold has been criticised for his defensive concentration at times but brings supreme passing vision and attacking edge down the right flank.
