Proposed Amendments to the Payment Services Act
In this client update, we highlight the proposed amendments to the Payment Services Act (“PS Act”) further to the Payment Services (Amendment) Bill which was first read on 2 November 2020.
Briefly, the main amendments include:
- Expansion of the definition of digital payment token (“DPT”) services;
- Expansion of the definition of cross-border money transfer service; and
- Granting power to MAS to impose further measures on DPT service providers.
Please click on the attachment for more details.
We wish all our clients and readers Happy Holidays and a Happy New Year ahead!
For further information contact:
Claudia Teo
Partner & Head, Corporate and Financial Services
claudiateo@harryelias.com
+65 6361 9845