Legal Update: Transitions to the Payment Services Act

Legal Update: Transitions to the Payment Services Act
13 Jun 2019

The Payment Services Act has been passed and (“PSA”) aims to regulate all payment services and payment service providers in Singapore. Monetary Authority of Singapore (“MAS”) has recently closed the consultation for the accompanying regulations. Moving forward, there may be subsequent consultations on further regulations. Thereafter, by notification by the Minister in the Gazette, the PSA may commence and both the Payment Services (Oversight) Act (“PSOA”) and Money-changing and Remittance Businesses Act (“MCRBA”) will be repealed.

In this client update, we set out what it means to your business or potential business-

  1. whether it will be regulated;
  2. the transitional arrangements that have been proposed; and
  3. a brief overview of the licensing requirements.

Access the Legal Update here.

For further information contact:

Claudia Teo

Partner & Head, Corporate and Financial Services

claudiateo@eversheds-harryelias.com

Terence Teoh

Associate

terenceteoh@eversheds-harryelias.com

For more information, please contact our Business Development Manager, Ricky Soetikno at rickysoetikno@eversheds-harryelias.com

 

Contact: 

Claudia Teo

Partner
Head, Corporate and Financial Services
T: 
+65 6361 9392
F: 
+65 6438 1788
E: 
ClaudiaTeo@harryelias.com
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