Singapore is widely considered as one of the world’s leading financial hubs. One of the most recent development in Singapore is the adoption of the Payment Services Act 2019 (PSA). Previously, regulation of payment services was governed by the Payment Systems (Oversight) Act (“the PS(O)A”) and the Money-changing and Remittance Businesses Act (“the MCRBA”). The regulations from these two older Acts were modified and merged into the PSA, and the older Acts are now repealed.
Payment Services Act (“PSA”) came into effect in Singapore on 28 January 2020 and it streamlines payment services regulatory framework under a single piece of legislation. MAS has introduced 2 parallel regulatory frameworks. The first framework is a designation regime which enables MAS to designate significant payment systems and regulate operators, settlement institutions and participants of these designated payment systems for financial stability reasons and efficiency reasons. The second framework is the licensing framework for payment service providers.
How can Argus Help?
Are you keen to apply for a Payment Services Act licence or are looking for some additional help in that regulatory space? We are an experienced regulatory consulting firm who understands the licensing requirements for PSA firms. We have worked with a number of clients on licence application and have assisted with the entire process. We have also assisted firms with drafting policies and procedures such as Anti-Money Laundering/Countering Financing of Terrorism policies and procedures and Technology Risk Management Policy. Contact us today for an initial consultation at email@example.com
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Our regulatory compliance experts can help you for Payment Services Act licence application and determine if your company is up to date with the latest regulations with compliance reviews, and we offer as well ongoing support for all your compliance needs.