On July 5, 2019, the Monetary Authority of Singapore (MAS) released a consultation paper on proposed payment services notices and guidelines.
The consultation follows the adoption of the Payment Services Act 2019, which is targeted to enter into force in January 2020. The Payment Services Act of 2019 repeals the Payment Systems (Oversight) Act (Cap. 222A) (PS(O)A) and the Money Changing and Remittance Businesses Act (Cap. 187) (MCRBA). Under the new act, the MAS will regulate significant payment systems and the provision of payment services in Singapore.