Honour the past, celebrate the present & embrace the future.
Gala Dinner & Awards Nite 2022 — a milestone celebration of the Remittance Association (Singapore).
Representing MAS-regulated payment institutions in Singapore
Remittance Association Singapore (RAS) represents payment institutions regulated by the Monetary Authority of Singapore (MAS) who provide cross-border fund transfer services.
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 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.
Founded in 2014 by 10 founding members with the support of the Monetary Authority of Singapore (MAS), RAS today represents over 70 members. We provide guidance on compliance with regulations issued by MAS and other regulatory authorities and help members stay relevant in the face of growing digitisation by providing insights into digital solutions including regulatory wallets and digital payments.
Our essential training programmes support our members in attaining and maintaining education on anti-money laundering and how to identify and counter illicit money transfer practices. Our regular member networking sessions provide a platform and voice for members to come together under a common understanding and be seen as united in the industry.
Remittances play a key role in the money transfer market.
Amidst 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.
We have built a strong community of remittance businesses in Singapore built around our core values and we are committed to helping and supporting our members by being a voice for the industry and central platform that connects us all.
At a time when rapid changes are taking place in the industry, we are especially focused on helping our members navigate the transition to digital services and remain compliant with the new Payment Services Act.
We encourage licensees to make this move and take advantage of the various support services we offer to help them upgrade their services and market their business in an increasingly online world. We are here to protect and support you through our training and certification programmes, our platforms and networking events — we hope you take full advantage of our growing community.
If you have yet to join as a member, we urge you to do so and help us develop an industry we are all proud to be a part of.
Our Mission, Our Vision & Values
As with every organisation, it is important to have the Mission, Vision and Values. The RAS set these out during its inception and continues to build on them as the financial industry evolves.
Our Mission
Represent the interests of our members and liaise with government, regulators, regional associations, private companies and the media on all issues related to the remittance industry to develop and support a robust and competitive industry that benefits consumers and promotes financial inclusion.
Our Vision
Consumers have immediate access to transparent and risk-free cross-border remittance services anytime, anywhere.
Trust
We are an association that promotes the sharing of AML and CFT knowledge or challenges in confidence.
Integrity
We promote a sound remittance industry that maintains regulatory compliance.
Respect
We ensure that all members have a voice and can access the resources they need.
RAS Committee Members
Meet our current Management Committee Members who have volunteered themselves to help the RAS achieve its Mission & Vision.
Partnering with the Singapore Fintech Association
RAS had joined forces with the Singapore Fintech Association to support our members in adopting technology for business and compliance, including blockchain and cryptocurrency. Officially announced in May 2021, the creation of the SFA Sub-Committee is an important milestone for RAS.
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