The Payment Services Bill ("Bill")
was tabled for First Reading in Parliament on 19 November 2018. The
Bill, once passed, represents a significant milestone in
consolidating, streamlining and modernising existing payments
legislation as part of Singapore's payments roadmap to 2020.
Participants in the payment ecosystem should carefully consider the
requirements of this new payments framework as the scope of
regulated payment activities have been expanded, and certain
participants may now require licensing under the new regime.
Existing regulated or licensed entities should also be mindful of
new compliance requirements intended to address concerns on money
laundering, user protection, interoperability and technology
risks.
