Singapore's financial regulator and the Association of Banks in Singapore (ABS) said on Wednesday they will set up a new entity to consolidate the administration and governance of national payment schemes and further grow them.

The Monetary Authority of Singapore $(MAS)$ and ABS said in a joint statement that the entity will also collaborate with MAS to develop Singapore's national payments strategy and ensure a safe, efficient and innovative payments infrastructure.

"Consolidating the administrative and governance responsibilities of all national payment schemes under a single entity will strengthen the governance of these schemes and contribute towards greater payments resilience and innovation," Chia Der Jiun, MAS' managing director, said in the statement.

The MAS is Singapore's central bank and integrated financial regulator.

Financial hub Singapore's current national payment schemes, including Interbank GIRO System and PayNow, are administered and governed by Singapore Clearing House Association, ABS, MAS and Infocomm Media Development Authority, the statement showed.

These payment schemes are widely used by consumers and businesses for domestic and cross-border payments.

MAS and ABS said the new entity will be governed by senior representatives from the central bank and the financial services industry.

There will be no changes to the operations and scheme rules of the national payment schemes, and further details on the entity's name, governance structure and board composition will be announced later this year, they added.