As 2019 draws to a close, the Monetary Authority of Singapore
(MAS) has been busy putting the finishing touches
on its new regulatory framework for payment services. The Payment Services Act 2019 (PS
Act) will commence on 28 January 2020, changing the
payment services landscape in Singapore.
In particular, payment service providers will only need one
licence to conduct specified payment services, and MAS'
regulatory ambit will be extended to also cover digital payment
token (DPT) services ("dealing in DPT",
i.e. buying or selling DPT such as Bitcoin, and/or
"facilitating the exchange of DPT", i.e. establishing or
operating a DPT exchange) and merchant acquisition services.
Our latest update on the new payment services regulatory
framework is set out below.
