Discuss: Singapore is making a universal payment system. But there are better options

This response was edited from the author’s comments on a Facebook post.

Quite a few people have messaged me about what I would propose in place of this. Here’s what I would suggest: just triple investment into Grab and negotiate for them to comply with government demands (know your customer, anti-money laundering, government regulations, etc.). In exchange, give them mobile wallet license and mandate all government-linked companies to use it. The government and banks are way too slow to ever make a difference.

The alternative is that Grab will win anyway, and now foreign entities would be controlling our payment infrastructure.

There are so many opportunities that we could double down on to take the lead. But instead, we’re creating diverting initiatives and wasting the opportunity.

Let’s discuss:

1. What do you think of the Singapore government’s move to make a universal QR code payment system?
2. Do you think the author’s solution is possible?
3. What other ways could a similar system be implemented?