Linklaters invited to participate in the newly launched Payments Regulatory Evaluation Programme
Linklaters, along with other six local and international firms, has been invited by the Monetary Authority of Singapore (MAS) to participate in a two-month pilot run of the newly launched Payments Regulatory Evaluation Programme (PREP), jointly developed by the MAS and the Singapore Academy of Law.
With the upcoming commencement of the Payment Services Act, PREP aims to help the payments industry streamline the process to gain access to legal service providers specialising in payment services regulations to meet the new compliance standards. Under the pilot programme, payment firms will have easy access to a list of participating law firms with such specialised lawyers for comprehensive and customised regulatory assessment applicable to their payments business to meet their compliance needs. The programme will officially launch at the Singapore FinTech Festival in November 2019 and will be open for all law firms in Singapore to join.
Partner, Peiying Chua, who leads the Linklaters financial regulation practice in Singapore, commented:
“We are excited to be part of this pilot programme supporting and shaping the legal and regulatory framework on the payments industry. With the upcoming Payment Services Act, we look forward to continuing to support our clients in navigating the increasingly complex and fast-changing fintech landscape.”
Linklaters’ fintech team has been an active market participant, advising established financial institutions and corporates, as well as other participants in the fintech ecosystem, including the government and regulators, industry associations and emerging players on a broad range of legal and regulatory matters.