Moneycontrol

Budget 2021

Associate Partners:

  • SMC
  • Samsung
  • Volvo

Moneycontrol

Budget 2021

Associate Partners:

  • SMCSamsungVolvo
Webinar :Register now for Commodity Ki Paathshala webinar on ‘FPOs & Agriculture Marketing-The Beginning of a New Era’ on January 22, 6pm
you are here: HomeNewsTechnology

Singapore’s Payment Services Act to boost confidence in use of e-payments

The new Act will enhance the regulatory framework for payment services in Singapore, strengthen consumer protection and promote confidence in the use of e-payments.

January 29, 2020 / 08:49 PM IST
Representative Image

Representative Image

The Monetary Authority of Singapore (MAS) has announced the commencement of the 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. .

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.

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.”

Close
The Money-changing and Remittance Businesses Act and the Payment Systems (Oversight) Act will be repealed with the commencement of the PS Act.
Moneycontrol News
first published: Jan 29, 2020 08:49 pm

stay updated

Get Daily News on your Browser
Sections