What are Designated Payment Systems?
The designation of payment systems is an existing power that MAS had under the PS(O)A, and retained under the PS Act. The three considerations for designation under the PS(O)A are retained in the PS Act. First, a payment system may be designated if a disruption in the operations of the payment system could trigger, cause or transmit further disruption to participants or systemic disruption to the financial system of Singapore, i.e. its operations pose financial stability risks. MEPS+, an interbank payment system that settles large-value, time-critical transactions between banks, is one such system that has been designated
today. A disruption to MEPS+ operations will likely trigger systemic disruptions to the
financial system in Singapore.