MAS implements Payment Services Act

Acts on money changing and payment systems have been repealed.

The Monetary Authority of Singapore (MAS) has commenced the Payment Services Act (PS Act), which now covers new types of payment services such as digital payment token services and also adopts an activity-based licensing framework, an announcement revealed.

The Money-changing and Remittance Businesses Act and the Payment Systems (Oversight) Act will be repealed with the commencement of the PS Act.

The new PS Act is expected to enhance the regulatory framework for payment services in Singapore, strengthen consumer protection and promote confidence in the use of e-payments.

To support the transition of payment services firms to the new PS Act, MAS has initiated a payments regulatory evaluation programme to help them connect with providers of legal services.

The act was finalised after MAS held dialogues and public consultations.