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New Payment Services Act comes into force
THE Payment Services Act (PS Act) on Tuesday came into force, giving the regulator an expanded ambit to include new types of payment services, such as digital payment token services.
In a news release, the Monetary Authority of Singapore (MAS) said the new PS Act will also enhance the regulatory framework for payment services in Singapore, strengthen consumer protection and promote confidence in the use of e-payments.
The new activity-based and risk-focused regulatory structure allows rules to be applied proportionately, while also being robust to changing business models, said Loo Siew Yee, MAS assistant managing director (policy, payments and financial crime).
With the commencement of the Act, the Money-changing and Remittance Businesses Act and the Payment Systems (Oversight) Act will be repealed, MAS said.
In line with the newly introduced PS Act, MAS has also initiated a payments regulatory evaluation programme to help payment services firms in their transition. The programme will help these firms connect with legal services providers.
The implementation of the Act follows dialogues and a public consultation on the Bill in November 2017. Parliament passed the Act on Jan 14.