Earlier this year, the Singapore parliament passed the 209-page Payments Services Bill to provide a flexible framework for regulation under the Payment Services Act (PSA) – to be enacted by the end of the year. In this article, we explore a little bit more in detail about what it means.
The current regulatory oversight of payments services in Singapore is regulated under two frameworks –
The Payment Systems (Oversight) Act (PS(O)A), enacted in 2006, which regulates payments systems and stored value facilities (SVF), and the Money-changing and Remittance Businesses Act (MCRBA), enacted in 1979, which regulates money changers and remittance businesses. The need for a new streamlined regulatory framework
The burgeoning fintech space with exciting new developments, faster and easier cross-border remittances, better ways of electronic payments have blurred the lines between the two types of activities under the separate acts and pose a new set of risks for the financial services industry which need to