SINGAPORE: A new Payment Services Act that will strengthen consumer protection and promote confidence in e-payments use came into force on Tuesday (Jan 28), the Monetary Authority of Singapore (MAS) announced.
The Act adopts a licensing framework that recognises different activities and new developments in payment services, as well as expands MAS' regulatory ambit to include payment services such as digital payment token services.
The Money-changing and Remittance Businesses Act and the Payment Systems (Oversight) Act, enacted in 1979 and 2006 respectively, will be repealed with the commencement of the Payment Services Act.
With the payment services landscape changing considerably over the past few years, new risks have sprung up from activities that fall beyond the scope of the previous regulatory regime, MAS said in previous press releases.
New payment business models have also blurred the lines between activities regulated under the previous two Acts.
“The Payment Services Act provides a forward-looking and flexible regulatory framework for the payments industry," MAS assistant managing director for policy, payments and financial crime Loo Siew Yee said on Tuesday.
"The activity-based and risk-focused regulatory structure allows rules to be applied proportionately and to be robust to changingRead More – Source