Legal Services Interest Group Meeting

The new Payment Services Act

On 17 April, we hosted a seminar, presented by the Monetary Authority of Singapore on the Payment Services Act 2019. Passed in Parliament earlier this year, the Act will fundamentally refresh payment services regulations in Singapore. The Act streamlines the regulation of payment services within a single activity-based legislation, and will replace the existing legislation for payment systems oversight, money changing and remittance businesses. It will provide a more conducive environment for innovation in payment services, whilst ensuring that risks across the payments value chain are mitigated.

The seminar was presented by Jo Yeo, Deputy Director, FinTech & Innovation Group, and Angelyn Cheng, Senior Legal Counsel, Legal Department from Monetary Authority of Singapore, and hosted at Freshfields Bruckhaus Deringer’s office.