Amendments to the Payment Services Act 2019 were passed in January 2021 to, inter alia, expand the scope of domestic and cross-border money transfer services, as well as digital payment token services. The MAS has just issued a consultation paper on proposed amendments to the Payment Services Regulations and existing notices applicable to payment service providers to operationalise these amendments. Other notable proposals include: an amendment which would allow payment service providers to contractually agree with corporate customers on the timelines for transmission of moneys – such timelines are currently prescribed in a notice (Notice PSN07); and amendments to another notice (Notice PSN04) would expand the scope of information required to be submitted by payment service providers periodically to MAS. Separately, MAS has also proposed a transitional period exemption for payment service providers who would be impacted by the expanded scope of such regulated payment services.
The consultation paper may be accessed here. The deadline for provision of feedback to the MAS is 8 June 2023.
Our Financial Services Regulatory team advises on a broad range of issues that concern financial institutions. If you have any questions on the proposals or would like to provide feedback through us, do reach out to our Financial Services Regulatory Practice Partners Elaine Chan, Rosabel Ng, Chan Jia Hui, Tian Sion Yoong, or find out more about our practice here.