Singapore - Payment Services Act: What You Need To Know.
Legal News & Analysis - Asia Pacific - Singapore - Banking & Finance - Regulatory & Compliance
30 January, 2020
The Payment Services Act (“PSA”) is an extensive legislation administered by the Monetary Authority of Singapore (“MAS”). The PSA will come into operation on 28 January 2020 and provides for a new framework for the regulation of payment systems.
It aims to consolidate the previous Payment Systems (Oversight) Act 2006 and the Money-Changing and Remittance Businesses Act 1979 into one act to create a forward looking and flexible framework for licensing and regulating payment service providers and oversight of payment systems.
Fintech businesses may be affected by their legal obligations and changes to regulatory requirements under the PSA and should ensure that their practices are compliant with the Act.