The RAS was initiated by a group of 12 founding members who had contributed to the formation of the Association in 2014. Today, we work closely with the government, regulators, regional associations and private companies to promote safe, reliable, inclusive and transparent cross-border payments for consumers in Singapore.
Our role is to promote compliance and proficiency in fair business practices across the remittance and currency providers industry through certification and to support our members to strengthen their competencies through networking and training as well as guide them towards digitising their business practices.
Grown from about 40 plus to over 80 members, we have a good mix of business models adopted by the members of the Association. These include the brick mortar, fintech, retail & corporate sales.
Remittances play a key role in the money transfer market and, amid its rapid growth, the industry is currently undergoing digital transformation (fast-tracked by the Covid pandemic) and greater regulatory checks.
To keep our members abreast of the challenges, RAS has become a focal point for consultation on relevant legislation and regulatory matters, best practices and the adoption of technological solutions in addition to the following.
Remittance Association Singapore
The RA(S) has been actively helping licensed members in the matters of business and adhering to regulations since its inception in 2014. We aim to be a single voice and a strong body in representing the money transfer businesses in Singapore.
Although joining the association is not mandatory, the Monetary Authority of Singapore has actively supported the formation of the Association and encourages all licensed money transfer businesses in Singapore to join the RA(S).
Businesses who are licensed to carry out cross border money transfer activity are eligible to be part of the one and only Association for the remittance industry in Singapore. The RAS has been actively helping licensed members in the matters of business and the regulatory framework.
RAS membership gives members the opportunity to be part of a very important central platform which is designed to be a single voice for the industry. The Association takes on the role of ensuring that the industry’s collective voice is heard at the highest levels of decision-making agencies as it works closely with the MAS, enforcement units, governmental agencies & other organisations on behalf of members.
The Association constantly ensures that members get access to the latest resources such as templates on business, regulatory & compliance. We work with external professionals and provide the necessary information and data to provide members with these documents which will be helpful for their compliance and operational functions.
The RAS offers a range of trainings, seminars & webinars throughout the year for members. Topics for these sessions would usually include on AML Compliance, Technology, Regulations, Legal etc. Usually, these trainings are held to help members understand the subject matter. External experts and professionals are hired to conduct these sessions. A lot of these events are held face to face while at times webinars are preferred to reduce time and costs.
The Remittance Association (Singapore) was initiated by a small group of 12 founding members who had contributed immensely to the formation of the Association along with the valuable Authority of Singapore.
Guiding & supporting the industry since 2014, licensees have greatly benefitted with the Association. We work closely with the MAS, enforcement units, governmental agencies & other organisations on behalf of members seeking to address the concerns and challenges of the industry.
So get recognised and be part of the industry’s one and only association in Singapore. Membership fees are at only SGD 1,000 annually and are pro-rated when you join in the middle of the financial year. Our financial year ends 30th Jun. Don’t hesitate. Be part of the valuable network now.
The MAS Partners Appreciation Award recognises 17 of MAS’ key industry partners who have contributed to the development and resilience of the Singapore financial sector.WATCH THE COVERAGE
As part of the Monetary Authority of Singapore (MAS) 50th Celebrations, Remittance Association (Singapore) was honoured to receive the Partners Appreciation Award. This has been truly inspiring for the Association.
The award ceremony held on 07th Oct 2021 at the MAS Building, recognised 17 organizations for their collaborations and initiatives with the MAS. With the Guest of Honour being the Prime Minister of Singapore, Mr. Lee Hsien Loong, the award was given out by the Finance Minister, Mr. Lawrence Wong.
This is certainly an important milestone for the RAS as it has been selected and appreciated as a valued partner on the 50th anniversary of the MAS.
Regional Vice President
Director, Governance & Risk Management