February 28, 2024

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Singapore Payment Services Act to Promote Confidence in Use of E-Payments

Singapore Payment Services Act

The Monetary Authority of Singapore (MAS) announced this week the commencement of the Singapore Payment Services Act (PS Act). The new PS Act will 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 in recognition of the different kinds of activities and new developments in payment services. It also expands MAS’ regulatory ambit to include new types of payment services, such as digital payment token services. For more information, please refer to the Second Reading Speech of the Payment Services Bill.

Monetary Authority Singapore Liaise With Industry to Develop PS Act

MAS closely engaged the industry through dialogues and public consultations in designing the PS Act. To support the transition of payment services firms to the new PS Act, MAS has initiated a payments regulatory evaluation programme to help them connect with providers of legal services.

The Payments Regulatory Evaluation Programme or PREP is an initiative launched by the MAS and the Singapore Academy of Law (SAL) to help connect the payments industry with legal service providers. Instead of relying on informal referrals, PREP provides payment firms with a streamlined process to gain access to lawyers specialising in payment services regulations to meet their compliance needs.

Ms Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime), MAS, said, “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 Association of Cryptocurrency Enterprises and Start-ups, Singapore (ACCESS), the Singapore Blockchain Association (SBA) and the Singapore FinTech Association (SFA) will be organising workshops on licensing under the Payment Services Act 2019, which will be conducted by MAS representatives.

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IBM is a leading global hybrid cloud and AI, and business services provider. We help 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 3,000 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.

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