More law firms have joined pilot for PREP

WE THANK Mr Dharmendra Yadav for his feedback ("Government bodies also have a fair-dealing role", BT, Sept 12, 2019).

On Sept 6, the Monetary Authority of Singapore (MAS) and the Singapore Academy of Law (SAL) launched the pilot initiative of the Payments Regulatory Evaluation Programme (PREP). To create the documents necessary to launch the pilot and fine-tune the documents during this time, MAS worked with a smaller group of law firms which are familiar with the payments industry. This group of firms were selected from respondents to MAS' consultations on payments regulations or firms that engaged in payments infrastructure projects.

The group represents a cross section of the legal industry, comprising international law firms, large local law firms and smaller boutique law firms.