The Payment Services Bill has been moved for First Reading in Singapore Parliament
How will this change Singapore's e-payments framework?
Globally, the payments sector has faced unprecedented technological and regulatory change in the last few years. In Singapore, new payment business models enabled by evolving technology have blurred the lines between regulated activities. In light of the above, the MAS has embarked on a holistic review of Singapore’s payments framework. The Payment Services Bill (the “Bill”) has been introduced to enhance user protections while facilitating innovation and adoption of e-payments in Singapore. The Bill was moved for First Reading in Singapore Parliament on 19 November 2018 and is expected to be passed shortly.
In this client alert, we will provide an overview of the following aspects of the Bill:
- The licensing regime for regulated payment activities
- Measures introduced to mitigate risks arising from payment activities
- The designation regime for key payment systems
- Exemptions and transitional arrangements
- Regulatory payment services trends from an international perspective