9 January 2018
On 21 November 2017, the Monetary Authority of Singapore (MAS) launched its second consultation (Consultation) on its proposed payments regulatory framework, which included a consultation on the draft Payments Services Bill (Bill). The Consultation follows a public consultation on the proposed regulatory framework and governance model for payments, which was launched on 25 August 2016. At the same time, MAS published its responses to the August 2016 public consultation.
The Bill aims to streamline the regulation of payment services under a single legislative framework, expand the scope of regulated payment activities to take into account developments in payment services, and calibrate regulation according to the risks posed by the respective payment activities.