New Regulatory Framework To Enhance Payment Services In Singapore


Monday, November 19, 2018     03.52PM / By MAS


The Monetary Authority of Singapore (MAS) has finalised the new regulatory framework for payment services in Singapore. The Payment Services Bill (the “Bill”) will provide a more conducive environment for innovation in payment services, whilst ensuring that risks across the payments value chain are mitigated.


The Bill streamlines the regulation of payment services [Payment services are currently regulated under the Payment Systems (Oversight) Act and Money-Changing and Remittance Businesses Act] within a single activity-based legislation. It comprises two parallel regulatory frameworks,

(i)     a designation regime that enables MAS to regulate systemically important payment systems for financial stability as well as efficiency reasons, and

(ii)  a licensing regime that focuses on retail payment services provided to customers and merchants.


The activity-based licensing framework for retail payment services facilitates innovation and mitigates risks. The licence regime has been broadened to encompass a wider range of payment activities, including domestic money transfers, merchant acquisition and the purchase and sale of digital payment tokens. At any point in time, a payment service provider needs only to hold one licence, but of a class that corresponds to the risk posed by the scale of payment services provided. Risk mitigating measures will then be tailored to the specific payment services that a licensee provides to better safeguard customer and merchant monies, ensure adequate controls against money laundering and terrorism financing risks, reduce fragmentation and strengthen technology and cyber standards in the payments space.


MAS Managing Director, Mr Ravi Menon said, “The Payment Services Bill will enhance the regulatory framework for payment services in Singapore, strengthen consumer protection and engender confidence in the use of e-payments. The Bill also illustrates our shift towards regulation that is modular, activity-based and facilitative of growth and development in the Singapore payments landscape.”


The Bill was submitted to Parliament today, and the explanatory brief on the Bill can be found on the MAS website at this link.


MAS thanks all respondents for their feedback to the November 2017 public consultation of the Bill. The response to the feedback received can be found on the MAS website at this link.



Proshare Nigeria Pvt. Ltd.



Related News

1.       The Central Bank And The Regulators Of Fintech

2.      Guidelines For Licensing And Regulation Of Payment Service Banks In Nigeria

3.      Exposure Draft On The Regulation For the Operation of Indirect Participants in the Payments System

4.      Exposure Draft For The Revised Standards on NUBAN Scheme for Banks and OFIs

5.      Three (3) Commercial Banks Fall Short of The Minimum Regulatory Liquidity Ratio of 30% – CBN

6.      Moving From Caveat Emptor To Regulation – Nigeria’s Online Retail Forex Trading Market

7.      The List of 882 CBN-Licensed Microfinance Banks in Nigeria As At Sept 30, 2018

8.     CBN Releases Code of Corporate Governance for Finance Companies in Nigeria

9.      CBN Releases Code of Corporate Governance for Development Finance Institutions in Nigeria

10.  CBN Releases Code of Corporate Governance for Microfinance Banks in Nigeria

11.   CBN Releases Code of Corporate Governance For Bureaux De Change In Nigeria

12.  The Approved List of 34 CBN-Licensed Primary Mortgage Banks In Nigeria As At Sept 30, 2018

13.  SEC Nigeria Announces The Introduction of The Interpretive Guidance Note

14.  FSB, Bodies Publish Final Report on Effects of Reforms on Incentives to Clear OTC Derivatives

15.   Beginning Stress Testing’s New Chapter - An Intl’ Perspective On The Future Of Bank Stress Testing

16.  No Bank Was Referenced By CBN as NOT being Compliant with 30% Minimum Regulatory Liquidity Ratio

17.   CBN Reschedules November 2018 MPC Meeting to 21st and 22nd

18.  NSE Proposes Amendments to Dealing Members Rule(s) 7.4 and 7.5

19.  NSE Releases Sustainability Disclosure Guidelines

20. IOSCO Seeks Feedback on Proposed Framework for Assessing Leverage in Investment Funds

21.  Sort Code and MICR Reject Flag - CBN Issues Circular On The Revised NCS And NICPAS

22. Development of Capital Market Studies Curriculum to Boost Investor Education - SEC Nigeria

23. FAQs By SEC Nigeria On Regularization Of Multiple Subscriptions



Proshare Nigeria Pvt. Ltd.

Related News