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- MAS
- Parliamentary Replies
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- To date, the impact of the cryptocurrency market on the six DPT service providers licensed under the Payment Services Act has also been limited. MAS is evaluating the financial condition of the DPT service providers that had submitted licence applications. 5.
- Mr Desmond Choo asked about digital payment token (DPT) service providers and the cryptocurrency market.
- (DPT) service providers; (b) of these DPT service providers, how many have suffered significant adverse business impact from the volatile cryptocurrency market; and (c) whether there are plans to continue promoting Singapore as a cryptocurrency hub.
- MAS
- Media Releases
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- Singapore, 15 Sep 2017… The Monetary Authority of Singapore (MAS) today announced the finalists for the 2017 Global FinTech Hackcelerator and FinTech Awards. The Global FinTech Hackcelerator and FinTech Awards are among the highlights of this year’s Singapore FinTech Festival , which will take place in Singapore from 13 to 17 November 2017. Global FinTech Hackcelerator 2 In May 2017, MAS published a catalogue of 100 problem statements gathered from the financial industry and invited the global
- MAS
- Speeches
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- If the digital asset is used as a means of payment, then it is regulated as a digital payment token under the Payment Services Act. In the last two years, we have granted licences or in-principle approvals to 11 digital payment tokens service providers.
- For the digital payment tokens service providers, regulation has been limited to anti-money laundering, technology risk, and access to retail public. We have taken quite a tough line on unfettered access to retail public because retail investors should not be dabbling in cryptocurrencies.
- MAS
- Media Releases
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- Pay+ is a payment service provider that digitises cash into e-money for transfer and payments within Lao PDR using mobile phones and over an agent network.
- MAS
- Staff Papers
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- While Singapores position as a transportation hub underscores the importance of transportation receipts, the substantial payments for port services and freight shipments have led to persistent deficits in the transportation services account.
- Each highlights a different aspect of an economic system in which interacting events in both domestic and global economies determine the 1 Travel services (receipts/payments) consist of the expenditure by tourists (including medical
- (Chart 2.8a) Chart 2.8 (a) Travel Receipts and Payments (b) Breakdown of Services Balance n o i l l i B $ 0 0S 12 8 4 -4 -8 n o i l l i B $ S 12 10 8 6 4 2 Travel Receipts Other Services Travel Government Services Travel Payments Transportation Insurance
- MAS
- Media Releases
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- Similar to other financial institutions such as banks, DPT service providers will be required to maintain high availability and recoverability of their critical systems. 4.
- These measures will be part of the Payment Services Act. 2. Trading in cryptocurrencies (also known as digital payment tokens or DPTs) is highly risky and not suitable for the general public.
- For non-issuance services, DPT service providers can offer all types of stablecoins provided that they clearly label the MAS-regulated SCS to distinguish them from the unregulated ones. This will help customers make informed decisions on the risks involved in using unregulated stablecoins. 8.
- MAS
- Media Releases
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- For merchants currently accepting multiple QRs, payment service providers are developing a governance process for multiple payment schemes to be consolidated into SG QR. Payment service providers will also make it easier for more QR payment options to be onboarded.
- Merchants who do not currently accept any QR or only one QR code may adopt the SG QR sooner. 4 Payment service providers have also committed to update their mobile payment apps for consumers to read the SG QR.
- The SG QR optimises the number of e-payment schemes it contains by improving the efficiency of processing merchant relevant data. 3 The SG QR will be adopted and deployed by payment services providers in Singapore through 2018. For example, NETS QR and Singtel Dash QR will be part of the SG QR.
- MAS
- Media Releases
Last revised date:
- Singapore, 17 September 2018…The Singapore Quick Response Code (SGQR) was officially launched by Mr Ong Ye Kung, Minister for Education and MAS Board Member today. The first of its kind globally, SGQR combines multiple payment QR codes into a single SGQR label, making QR code-based mobile payments simple for both consumers and merchants. SGQR will be adopted by 27 payment schemes including PayNow, NETS, GrabPay, Liquid Pay and Singtel DASH, and will be deployed progressively over the next six months
- MAS
- Forms and Templates
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- All terms used in this form shall, except where expressly defined in this form or where the context otherwise requires, have the same meaning as defined in the Payment Services Act 2019 (PS Act) or the Payment Services Regulations 2019 (PSR). 5.
- For more information, visit go.gov.sg/corporate-login Resources Form 7 - Notice of Changes for a Payment Service Provider (Declaration in fillable format) (157.8 KB) PAYMENT SERVICES ACT 2019 (ACT 2 OF 2019) FORM 7 NOTICE OF CHANGES FOR A PAYMENT SERVICE PROVIDER UNDER SECTION 15 AND 23
- (9) OF THE PAYMENT SERVICES ACT 2019 _______________________________________ (Full name of licensee as per ACRAs record) Explanatory Notes 1.
- MAS
- Parliamentary Replies
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- services hub.
- MAS does not subject holders of single-purpose stored value facilities to this requirement. 3 Consumers will enjoy better protection of their funds held in stored value under the Payment Services Bill (“PSB”) that is being introduced in Parliament today.
- They will take effect in January next year. 9 MAS will continue to engage both the industry and the public as the e-payments landscape evolves, so that we provide assurance to users without holding back innovations that enhance competition and efficiency in payment services.