Monetary Authority of SingaporeThe Monetary Authority of Singapore (MAS) and the Singapore Academy of Law (SAL) have launched a new Payments Regulatory Evaluation Programme (PREP) to help connect the payments industry with legal service providers.

The program will provide payment firms with a streamlined process to gain access to lawyers specializing in payment services regulations to meet compliance needs, MAS said in a statement on Friday.

“Singapore’s vibrant FinTech ecosystem and strong regulatory environment have attracted substantial interest from foreign and local firms to establish their payment services business in Singapore. With the upcoming commencement of the Payment Services Act, it is important that the payment services industry is well supported in all aspects. MAS has developed PREP to ensure that payment firms that want to engage legal services to support them in their business can do so easily and quickly,” said Sopnendu Mohanty, Chief FinTech Officer, MAS.

For a start, seven local and international law firms in Singapore will participate in a two-month pilot run of PREP, MAS said.

Under the program, these firms can easily access a list of legal service providers and can be assured that the regulatory assessment conducted by the provider will be sufficiently comprehensive in scope.

The firms will be provided with a standard questionnaire and based on their response about their business in Singapore, it can expect to receive a customized assessment report on applicable regulations.

Following the pilot, MAS and SAL will take in feedback and make adjustments to the programme as necessary, MAS said. PREP will then be formally launched at the Singapore FinTech Festival in November 2019.

by Krishna V Kurup
Senior Market Analyst at IBS Intelligence