Search
Close this search box.

We are creating some awesome events for you. Kindly bear with us.

Singapore Empowering Digital Payment Security

Getting your Trinity Audio player ready...

The Monetary Authority of Singapore (MAS) has announced significant amendments to the Payment Services Act (PS Act) and its subsidiary legislation, marking a notable expansion in the regulation of payment services and the introduction of stringent user protection measures for digital payment token (DPT) service providers.

These amendments, set to be implemented in phases starting from 4 April 2024, aim to enhance the regulatory framework in response to evolving digital payment landscapes. The amendments encompass several key areas:

Expanded Regulatory Scope: The amendments will now include activities such as custodial services for DPTs, the transmission of DPTs between accounts, and cross-border money transfers under the regulatory purview of MAS, even if the service provider does not physically handle the funds or tokens.

Imposition of Requirements: MAS will be empowered to impose regulatory requirements concerning anti-money laundering (AML) and countering the financing of terrorism (CFT), user protection, and financial stability on DPT service providers, ensuring robust safeguards for consumers and the financial system.

Transitional Arrangements: Entities currently engaged in activities falling under the expanded scope of the PS Act are provided with transitional arrangements. They must notify MAS within 30 days and submit a license application within six months from 4 April 2024. Additionally, they must furnish an attestation report from a qualified external auditor within nine months, demonstrating compliance with AML/CFT requirements.

Safeguarding of Customer Assets: The amended Payment Services Regulations will mandate DPT service providers to implement measures for safeguarding customers’ assets, including segregation in trust accounts, proper record-keeping, and robust security protocols to protect customers’ assets.

These amendments reflect MAS’s commitment to ensuring the integrity, security, and stability of Singapore’s payment ecosystem amidst the increasing adoption of digital payment technologies. By establishing comprehensive regulatory measures and enhancing user protection standards, MAS aims to foster trust and confidence among consumers and promote innovation and growth in the digital payment sector.

MAS is dedicated to ensuring a secure digital payments environment in Singapore, aiming to prevent fraud and enhance trust among individuals and businesses. Through proactive regulatory measures, oversight, and collaboration with industry stakeholders, MAS strives to create an ecosystem where consumers and businesses can conduct transactions confidently, knowing their interests are safeguarded against cyber threats and financial fraud.

As financial services undergo rapid digitisation, MAS prioritises addressing emerging risks and staying ahead of evolving cyber threats. Through proactive supervision and strategic initiatives, MAS aims to foster trust and resilience in Singapore’s digital payments ecosystem, promoting innovation, growth, and economic prosperity.

OpenGov Asia reported that MAS introduced COSMIC, a pioneering centralised digital platform aimed at facilitating the exchange of customer information among financial institutions (FIs) worldwide. This initiative, aligned with the Financial Services and Markets (Amendment) Act 2023, is designed to combat money laundering, terrorism financing, and proliferation financing, bolstering the financial system’s defences against illicit activities.

COSMIC operates on the principle of sharing customer information based on predefined indicators of suspicion, enabling FIs to promptly identify and report potentially illicit activities for more informed risk assessments and proactive measures.

Developed in collaboration with major commercial banks in Singapore, COSMIC underscores the industry’s commitment to leveraging technology and collaboration to combat financial crime effectively. As COSMIC enters its operational phase, ongoing refinement and collaboration will ensure its effectiveness in upholding transparency, integrity, and resilience in Singapore’s financial sector.

By emphasising cybersecurity, fraud prevention, and consumer protection, MAS aims to strengthen Singapore’s position as a global financial hub and a trusted destination for digital payments, enabling individuals and businesses to navigate the digital landscape with confidence.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and consulting services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,800 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently, and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity, and service. For more information, visit www.ibm.com