Singapore introduces new payment regulation

From: RegTech Analyst

The Monetary Authority of Singapore (MAS) has launched the new Payment Services Act (PS Act) which bolsters consumer protections within electronic payments.

PS Act is an activity-based licensing framework which meets the new types of payment method. The regulation has extended MAS’ regulatory scope to include more transaction types including digital payment token services.

The Association of Cryptocurrency Enterprises and Start-ups, Singapore (ACCESS), the Singapore Blockchain Association (SBA) and the Singapore FinTech Association (SFA) are organising workshops on licencing under the new regulation.

MAS assistant managing director Ms Loo Siew Yee 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 regulator worked with the industry through dialogues and public consultations in designing the new regulation.

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