The sub-committee is planning a wealth of educational seminars for members of both associations on how talent acquisition and digitisation will support them in staying compliant with regulations now that the new Payment Services Act has come into force.

Officially announced in May 2021, the creation of the SFA Sub Committee is an important milestone for RAS. It aims to foster the development and growth of a remittance and cross-border payment ecosystem in the financial sector in Singapore by working collaboratively on four key areas of focus:

Engagement with Regulators – We engage with regulators on current and future regulations, market structure and practices within the financial sector as an independent voice and a bridge between the regulators and the remittance ecosystem.

Engagement with Industry – We organise events to promote the adoption of technology solutions, support the remittance ecosystem by providing key market insights in the industry and be the bridge between the financial industry, the RegTech ecosystem and the regulators.

Ecosystem Development – – We work with other associations in and outside of Singapore to grow the remittance ecosystem and facilitate partnerships, collaboration and the growth of remittance ventures.

Talent Development – We work with tertiary institutions in Singapore to promote the concept of modern cross-border payments and their best practices, facilitate the adoption of international expertise in Singapore through the exchange of knowledge, and attract talent as well as connect with industry experts to advise and mentor remittance companies here.