Singapore to Upgrade PayNow, Launch New Finance Institute to Drive Innovation

Why It Matters

The upgrades position Singapore’s payment rails as a more seamless, versatile foundation for digital commerce, while the AI upskilling and new institute accelerate the nation’s ambition to become a global hub for fintech innovation.

Key Takeaways

• PayNow to interoperate with Nets QR by end‑2026.
• Deep‑link QR codes will streamline online checkout within a year.
• 100,000 finance workers to receive AI training by 2027.
• Future of Finance Institute will coordinate AI and tokenisation efforts.
• Larger‑value public‑sector PayNow transactions to enter sandbox next year.

Pulse Analysis

Singapore’s payment ecosystem is receiving a major overhaul as MAS and ABS roll out the next generation of PayNow. By enabling QR code interoperability with Nets and embedding deep‑link technology, consumers will be able to complete purchases with a single scan, eliminating the current multi‑step process. The roadmap also expands PayNow’s capabilities to support higher‑value government payments, request‑to‑pay flows, micropayments and enhanced cross‑border links, reinforcing the city‑state’s reputation for a resilient, future‑ready payments infrastructure.

At the same time, Singapore is tackling the talent gap that accompanies rapid AI adoption in finance. Through a partnership between ABS, the Institute of Banking and Finance Singapore and NTUC LearningHub, more than 100,000 finance professionals will receive AI training over the next three years, building on the 26,000 staff already upskilled. The initiative focuses on practical AI literacy—questioning, governing and improving AI tools—so that banks can redesign roles, redeploy talent and embed AI responsibly across the sector.

To tie these technical and human‑capital upgrades together, MAS is establishing the Future of Finance Institute (FFI). Acting as a single coordinating body, FFI will bring together public‑private stakeholders to accelerate AI and tokenisation projects, offering a knowledge hub, innovation garage, industry sandboxes and implementation toolkits. By positioning Singapore as a launch pad for AI‑driven financial services, the institute aims to attract global fintech players, spur home‑grown innovation and cement the country’s status as a leading hub for next‑generation finance.