Developing Centralised Digital Service for Consumers to Manage Recurring Payment Authorisations Across Financial Institutions

Mr Melvin Yong Yik Chye asked the Prime Minister and Minister for Finance whether MAS has considered developing a centralised digital service that enables consumers to view and manage their active recurring payment authorisations across financial institutions and payment service providers.

Consumers today can manage their recurring payment arrangements directly through the digital platforms of major retail banks and payment service providers. These channels provide customers with the ability to view, amend or terminate recurring payment instructions as needed. There is no need for a centralised service. Nevertheless, the Monetary Authority of Singapore will continue to monitor developments and review the need for further measures if circumstances change.