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ABOUT US
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 in addition 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 also support our members in attaining and maintaining education on anti-money laundering and how to identify and counter illicit money transfer practices. And our regular member networking sessions aim to provide a platform and voice for our members to come together under a common understanding and be seen as united in the industry.
That cross-border services are not solely provided by banks, that greater choice and more competitive rates can be had at our member financial institutions and that RAS represents a robust, regulated, multi-decade, multi-billion industry. We also help our members understand the international corridors available to them and provide a bridge to help them collaborate with remitters in other countries to extend their services to their customers.
Industry Experience
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 and we hope that 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.
To your continued success
Chairman
Our Mission,
Our Vision & Values
The RAS during its inception set out its Mission, Vision & Values. However, over the years, with the changes to the financial industry and the way payments entering a new dimension, we felt the need make our statements simpler & more concise without taking away the essence of the Association’s objective.
We have formally drafted and put in place our reconstructed Mission & Vision but have kept our Values the same which have defined the way in which the RAS had been built on.
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.
Our Values
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.
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‘Being a member of RAS, we have been able to do a lot more networking with the other members
Country Head, Nium
‘RAS has been an inspiration to us all. Happy to part of the managing committee.
Regional Vice President, Western Union
‘RAS is a great community of passionate professionals from all payment services gathered to welcome and support one another in a way that we couldn’t as individuals.’
Director, Governance & Risk Management, CYS Global Remit
"RAS have been there from the start, genuinely concerned to help us in every way. Mr. Barakath is very responsive in helping all members and never gets tired thinking of training they can provide to help us gain knowledge and better understanding of MAS guidelines. Right Choice Payments is a proud member since 2015
Manager, Right Choice Payments
We see that RAS has been constantly educating its members with many trainings and seminars. We find it very useful to be a member of the Association
Director, Great East Forex
An Association such as the RAS has proven exemplary and we admire the work they have done over the years.
President, Money Changers Association (Singapore)
Our Working Partner
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. 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 key areas of focus.
