Showing 4089 Documents for "payment services"
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- MAS
- Speeches
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- Providers of payment services will require only one licence to conduct multiple payment activities. Users of payment services - consumers or businesses – can take more comfort that their financial information is safe from the threat of cyber-attacks and theft.
- Of all the developments in FinTech, it is in payments where the gains in financial inclusion are potentially strongest – for the simple reason that we all need to use payment services to participate in the economy and society.
- MAS
- Speeches
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- Second, the existing framework worked well when financial institutions were the traditional payment service providers, but has become less effective now that payment service providers which are not financial institutions are becoming increasingly common. 11 Sir, the Bill will establish a new regulatory
- framework for payment systems that will provide MAS with a comprehensive and consistent basis to effectively oversee the payments infrastructure in Singapore, while promoting a competitive marketplace among payment service providers. 12 A number of jurisdictions, such as Australia and Canada have
- MAS
- Exemptions
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- Sets out the licensing, financial and business conduct requirements for financial advisers. This set of regulations applies to: Licensed financial advisers and their representatives. Exempt financial advisers and their representatives. It sets out requirements relating to: Licensing and key appointments. Representative notification framework. Financial requirements. Conduct of business. Accounts and audit. Exemptions. Types of non-financial advisory services allowed. Handling of customers' moneys
- MAS
- Speeches
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- AML/CFT requirements imposed on VASPs will be aligned with the requirements imposed on digital payment token service providers regulated under the PS Act.
- In cases where the VASP is a natural person, they should be licensed or registered in the jurisdiction where their place of business is located. [10] Such persons may be considered to be carrying on business of providing digital payment token service in Singapore under the Payment Services Act 2019 (
- under the FSM Bill to mean (a) a DPT as defined in the PS Act or (b) a digital representation of a capital markets product as defined in the SFA which (i) can be transferred, stored or traded electronically; and (ii) satisfies such other characteristics as MAS may prescribe, but does not include an
- MAS
- Speeches
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- In November 2017, MAS commenced a separate public consultation proposing to streamline the regulation of payment and remittance service providers under a single new Payment Services Bill.
- MAS aims to introduce this new Payment Services Bill in Parliament for first reading in late 2018, after considering feedback from the public consultation. 8 Mr Speaker, I will now go through the main amendments proposed in the Bill.
- We have incorporated feedback from a public consultation conducted in August 2017. 7 To clarify, the scope of the FNA and the Bill does not directly cover the regulation of customer-facing retail payment or remittance service providers.
- MAS
- Speeches
Last revised date:
- 1 The Minister for Education, Mr Ong Ye Kung, on behalf of Mr Tharman Shanmugaratnam, Deputy Prime Minister and Minister-in-charge of the Monetary Authority of Singapore (“MAS”), today moved the Currency (Amendment) Bill (“the Bill”) for first reading in Parliament. BACKGROUND Legal Tender Limits for Coins 2 Under the Currency Act (Cap. 69) (“CA”), legal tender limits are placed on the amount of each coin denomination that can be used for payment. This is to minimise inconvenience to vendors
- MAS
- Consultations
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- services.
- An efficient payment system should be one where the cost is reasonable and its processes are timely and simple, leading to cheap and convenient payment services for users.
- To date, the basis for MAS oversight of payment systems in Singapore has been a combination of legislation in the Banking Act and an 1 MAS is also a user and provider of payment services.
- MAS
- Media Releases
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- and financial services in Southeast Asia.
- It also allows financial institutions to provide supply chain financing and payment services to all companies in the ecosystem. To provide liquidity to SMEs, Finaxar Credit Lines enables business payments through a single, integrated platform that aligns with businesses cash flows.
- Innovative Treasury InfoCorp Technologies Pte Ltd FarmTrek Project in Myanmar Kaiko Kaiko - Digital Assets Market Data Through its open platform strategy, Grab works with partners to provide safe, accessible and affordable transport; food, package, and grocery delivery; mobile payments
- PDPC
- Practical Guidance
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- PRACTICAL GUIDANCE TO QUERIES ON NRIC NUMBERS BY A PAYMENT SERVICE PROVIDER 1.
- credit card issuers, mobile telecommunications operators and other electronic payment service providers) in order to provide its payment services to its customers effectively.
- Guidance on whether a Payment Service Provider may collect individuals’ NRIC numbers to enable accurate verification of customers’ identity when individuals apply for its automatic top-up service. Click here to find out more.
- MAS
- Parliamentary Replies
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- Accurate data for e-money transactions will only be available in 2022 when payment service licensees under the newly enacted Payment Services Act are required to submit regulatory returns on such data. 2018 (full year) 2019 (full year) 2020 (full year) 1H 2021 (half year) PayNow Volume (mil) 23.57 67.79
- We have put in place the backbone interoperable infrastructure to enable multiple payment service providers to offer users in Singapore a good array of safe, simple and secure e-payment solutions. We will continue on this drive to enable convenient and low-cost e-payments. ***