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Monetary Authority of Singapore commences the Payment Services Act

Monetary AuthorityThe Monetary Authority of Singapore (MAS) has commenced the Payment Services Act (PS Act) to enhance the regulatory framework for payment services in Singapore, strengthen consumer protection and promote confidence in the use of e-payments. The PS Act adopts an activity-based licensing framework and expands MAS’ regulatory ambit to include new types of payment services like digital payment token services.

Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime), MAS apprised, “The Payment Services Act provides a forward-looking and flexible regulatory framework for the payments industry. The activity-based and risk-focused regulatory structure allows rules to be applied proportionately and to be robust to changing business models. The PS Act will facilitate growth and innovation while mitigating risk and fostering confidence in our payments landscape.”

The nation’s monetary authority had engaged the industry through dialogues and public consultations while designing the policy. It has initiated a payments regulatory evaluation programme for payment services firms to help them connect with providers of legal services. The Money-changing and Remittance Businesses Act and the Payment Systems (Oversight) Act will be repealed with the commencement of the PS Act.

The central bank and the and the Singapore Academy of Law (SAL) have launched the Payments Regulatory Evaluation Programme (PREP) initiative to connect the payments industry with legal service providers. The initiative offers a streamlined process for payment firms to gain access to lawyers specialising in payment services regulations to meet their compliance needs.

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