MAS proposes changes to payments regulatory framework

The Monetary Authority of Singapore (MAS) released a consultation paper suggesting changes to the payments regulatory framework on Aug 25, 2016.
The Monetary Authority of Singapore (MAS) released a consultation paper suggesting changes to the payments regulatory framework on Aug 25, 2016.PHOTO: ST FILE

SINGAPORE - The Monetary Authority of Singapore (MAS) released Thursday a consultation paper suggesting changes to the payments regulatory framework to raise standards of consumer protection, among other things.

It will also set up a National Payments Council (NPC) which will help promote the use of common standards in payment services.

Noting that the payment services are currently perceived as fragmented, MAS said it plans to bring various regulations under one framework - to guide the licensing, regulation and supervision of all payments services including stored value facility holders, remittance companies and virtual currency intermediaries.

The proposed framework is aimed at raising standards of consumer protection, anti-money laundering, and cyber security related to payment activities.

While the proposed council would coordinate moves such as adopting common standards for payment activities, MAS also plans to seek industry feedback on the proposed scope of the council with regard to its composition, ownership and powers.

A public consultation will also run from Aug 25 to Oct 31.

This is the first in a series of consultations on the proposed regulatory framework and governance model for Singapore's payments landscape.

A copy of the public consultation paper is available on the MAS website at www.mas.gov.sg/News-and-Publications/Consultation-Paper/2016/Proposed-Ac...

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