Banks and credit card providers in Singapore should consider
updating their outsourcing arrangements in anticipation of stricter
new laws.
Singapore's Government has proposed new powers to regulate
more closely the outsourcing arrangements of banks and credit card
providers regulated by the Monetary Authority of Singapore (MAS),
and to impose stricter sanctions. If passed, the Banking
(Amendment) Bill 2019 (Bill) will strengthen MAS' supervisory
oversight of outsourcing arrangements by regulated entities by:
- requiring regulated entities to
include in their outsourcing agreements:
- explicit direct rights for MAS to
audit the service provider;
- stronger protections of customer
information; and
