The Currency analytics
By Sakamoto Nashi
Singapore's payments revolution keeps accelerating. The city-state pretty much nailed domestic digital adoption and now it's going hard after cross-border opportunities, banking…
A fresh PwC Singapore and Singapore FinTech Association report called "Payments' State of Play 2026" shows just how far things have come.
Domestic market's getting saturated though.
Cross-border payments and new financial tools will drive the next wave of growth, according to Wong Wanyi, FinTech Leader at PwC Singapore.
PayNow already links up with Thailand's PromptPay and Malaysia's DuitNow, letting people send money using just mobile numbers.
The remittance market looks promising too. Numbers should jump from $8.05 billion in 2022 to $13.
Stablecoins are becoming serious payment tools under MAS regulatory oversight. GrabPay's integration with OKX Pay and StraitsX shows how stablecoins can work for everyday…
The report talks about a "layered utility approach" for stablecoins. Companies test retail payments, treasury functions, and tokenised products all at once.
Singapore's FX market ties into all this payments activity. Daily trading volumes reached $1.485 trillion in April 2025, up 60% from 2022.
Fraud keeps getting worse though. Scam losses hit SGD 1.1 billion in 2024, with crypto scams making up a big chunk.
AI-driven fraud detection, programmable money, and embedded finance will shape what comes next.
Interoperability and consumer protection still need attention as regional payment links expand.
MAS dropped new guidelines on January 15, 2026, targeting transparency and security for digital payment platforms.
DBS Bank launched a stablecoin pilot program in February 2026, integrating digital currencies into payment systems for retail and corporate clients.
Grab Financial Group announced a Ripple partnership on February 3, 2026, for cross-border payments using blockchain tech.