Singapore - MAS announces commencement of the Payment Services Act
On Tuesday (28 January), the MAS announced the commencement of the Payment Services Act ("PS Act"). The new PS Act will regulate various payment service activities in Singapore, strengthen consumer protections and ensure that appropriate AML/CFT measures are put into place.
The MAS intends for the PS Act to "provide a forward-looking and flexible regulatory framework for the payments industry … [facilitating] growth and innovation while mitigating risk and fostering confidence in our payments landscape."
Entities conducting regulated payment services must now hold a licence under the PS Act, unless they fall within an exemption or apply for a licensing grace period (6-12 months long). In order to be eligible for the grace period, entities must have commenced payment services by 27 January 2020, and must file the relevant notification form with the MAS by 27 February 2020.
The Money-changing and Remittance Businesses Act, and the Payment Systems (Oversight) Act have been repealed with the commencement of the PS Act.