Singapore's MAS proposes guidelines to protect users of e-payments
The Monetary Authority of Singapore (“MAS”) recently issued a consultation paper on proposed guidelines (the “Guidelines”) to protect users of electronic payments (“e-payments”). The consultation forms part of the MAS’ broader initiative to modernise and streamline the existing payment services regulatory framework in Singapore. Related consultations occurred in August 2016 and November 2017.
The Guidelines aim to make e-payments transactions simpler and more secure for individuals and micro-enterprises. As such, they will help achieve the MAS’ “Smart Nation” vision of wider adoption of e-payments services and deeper integration of these services into daily economic activity. The Guidelines would require financial institutions to provide individuals and microenterprises who hold e-payment accounts with timely notifications of e-payment transactions, and set resolution processes for unauthorised or erroneous e-payment transactions. The Guidelines would also set out responsibilities for e-payment users, including recommended security practices to protect their e-payments accounts.
This paper provides an overview of the MAS’ proposals and compares key elements of the proposals with similar rules in the United Kingdom and Australia.
Read our summary report to learn more about the key proposals under the Guidelines.