MAS Releases Consultation Paper on Proposed Payment Services Regulations

The Monetary Authority of Singapore (MAS) released yesterday a new consultation paper on payment services regulations, calling for comments from any interested parties such as Financial Institutions, potential licensees and regulated entities under the Payment Services Act (PS Act) businesses or simply members of the public.

The Payment Services Bill was introduced on 19 November 2018 and passed in Parliament on 14 January 2019. At the commencement of the Payment Services Act 2019, the Payment Systems (Oversight) Act (Cap. 222A) and the Money-Changing and Remittance Businesses Act (Cap. 187) will be repealed. Under the PS Act, MAS will regulate significant payment systems and the provision of payment services in Singapore.

To effect the objectives of the PS Act, MAS intends to prescribe the following three sets of regulations and one order:

  • Payment Services Regulations
  • Payment Services (Exemptions for a limited period of time) Regulations
  • Payment Services (Singapore Dollar Cheque Clearing System and Inter-Bank GIRO System) Regulations
  • Payment Services (Designated Payment Systems) Order

To read MAS Consultation Paper and send a comment, click here.

Date: 11th April 2019

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