Payment Services Act Comes into Force, First Licensing Workshop to be Conducted with MAS
The Monetary Authority of Singapore (MAS) has formally announced the commencement of the Payment Services Act (PS Act). According to MAS’ press release:
“The new PS Act will enhance the regulatory framework for payment services in Singapore, strengthen consumer protection and promote confidence in the use of e-payments. The PS Act adopts an activity-based licensing framework in recognition of the different kinds of activities and new developments in payment services. It also expands MAS’ regulatory ambit to include new types of payment services, such as digital payment token services.
MAS closely engaged the industry through dialogues and public consultations in designing the PS Act. To support the transition of payment services firms to the new PS Act, MAS has initiated a payments regulatory evaluation programme to help them connect with providers of legal services.
The Money-changing and Remittance Businesses Act and the Payment Systems (Oversight) Act will be repealed with the commencement of the PS Act.”
ACCESS, together with the Singapore Blockchain Association (SBA) and the Singapore FinTech Association (SFA) will be organising workshops on licensing under the PS Act, conducted by MAS representatives. Details of the first workshop is set out below:
This workshop is extended to members of ACCESS in a webinar format.
To sign up as an ACCESS member, click here.
For details on the workshop, please contact hello(at)access.org.sg
Update: due to the novel coronavirus outbreak, the first PS Act workshop will now be conducted in a webinar format. ACCESS members will receive an email with updated registration details for the PS Act workshop. For new members that have signed up after the 21st of February, please contact hello(at)access.org.sg for details on the workshop registration.
Existing members can also contact hello(at)access.org.sg on further details of the workshop.