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both the Payment Services (Oversight) Act (“PSOA”) and Money-changing and Remittance Businesses Act (“MCRBA”) will be repealed.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-
- whether it will be regulated;
- the transitional arrangements that have been proposed; and
- 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