MAS and SAL trial programme linking payments firms and legal services

It provides payment firms access to lawyers specialising in payment services regulations.

The Monetary Authority of Singapore (MAS) and the Singapore Academy of Law (SAL) have jointly launched the Payments Regulatory Evaluation Programme (PREP) to help connect the payments industry with legal service providers.

Instead of relying on informal referrals, PREP provides payment firms with a streamlined process to gain access to lawyers specialising in payment services regulations to meet their compliance needs.

Firms will receive a customised assessment report on regulations applicable to its payments business, based from its responses to a standard questionnaire about its business in Singapore. Interested payment companies can participate in PREP by contacting a participating law firm of their choice.

For a start, seven local and international law firms in Singapore will participate in its two-month pilot run, which are Allen & Gledhill LLP, Amica Law LLC, Baker McKenzie Wong & Leow, Bird & Bird ATMD, Clifford Chance, Collyer Law LLC and Linklaters Singapore. MAS and SAL will take in feedback and make adjustments to the programme as necessary.

PREP will then be formally launched at the Singapore FinTech Festival in November 2019 and will be open to all law firms in Singapore to join.