By Staff Writer
The Monetary Authority of Singapore (MAS) has commenced the Payment Services Act (PS Act) to augment the regulatory framework for payment services in Singapore to promote 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 country’s monetary authority had engaged the industry through dialogues and public consultations while designing the policy.
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 specializing in payment services regulations to meet their compliance needs. Furthermore, The Money-changing and Remittance Businesses Act and the Payment Systems (Oversight) Act will be repealed with the commencement of the PS Act.