Showing 4089 Documents for "payment services"
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- MAS
- Consultations
Last revised date:
- Services Bill 2 (this will include existing money changers, remittance agents and holders of stored value facilities that become licensees under the proposed Payment Services Bill; as well as proposed payment services such as account issuance, domestic money transfer, merchant acquisition
- Speeches-and-Monetary-Policy- Statements/Speeches/2016/Explanatory-Brief-Credit-Bureau-Bill-2016.aspx. 2 While the public consultation has closed, you may refer to the paper for details of the proposed Payment http://www.mas.gov.sg/News-and-Publications/Consultation-Paper/2017/Consultation- Services Paper-on-Proposed-Payment-Services-Bill.aspx
- any person that is approved as a financial institution under section 28 of the Monetary Authority of Singapore Act (Cap 186); any licensed credit bureau or approved member of a licensed credit bureau1 under the Credit Bureau Act 2016 (Act 27 of 2016); any licensee under the proposed Payment
- MAS
- External Publications
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- The amended Payment Services Act came into effect in May 2020 (enacted in May 2019).
- This is also consistent with the case of "New payment products and services (NPSS)" providers in the FATF's report on prepaid cards, mobile payments and internet-based payment services for further information: www.fatf-gafi.org/media/fatf/documents/recommendations/Guidance-RBA-NPPS.pdf
- , or payment of wages.
- MAS
- Speeches
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- Once it commences, entities performing DPT services will be licensed under the Act and come under MAS’ AML/CFT supervision. MAS has consulted on the requirements that will apply to DPT service providers.
- Given Singapore’s position as a major financial and Fintech centre, it is natural that DPT firms would wish to set up here. 25 Earlier this year, Singapore’s Parliament passed the Payment Services Act. It will come into effect by January next year.
- These requirements, which take into account the ML/TF risks arising from such activities, are in line with international standards. 26 MAS has warned consumers of the speculative nature of many of these virtual assets, but from the perspective of combatting financial crime we also need to guard against
- MAS
- Notices
Last revised date:
- Requirements and guidelines for all banks involved in securitisations. This notice applies to all banks in Singapore. It sets out: Mandatory requirements for: Banks acting as ABCP programme sponsors, managers or originators. Banks acting as servicers or providers of liquidity facilities and credit enhancement to securitisations. Non-mandatory guidelines on the responsibilities of banks in respect of their involvement in securitisations. Amendment Notes 01 Jan 2008 MAS Notice 628 (156.1 KB) dated
- MAS
- Media Releases
Last revised date:
- Singapore, 13 February 2017… The Monetary Authority of Singapore (MAS) today highlighted how it will support the recommendations of the Committee on the Future Economy (CFE) and help to position the financial sector for the future. MAS will take a series of specific measures to: a. strengthen financing channels for next-generation Asian growth companies; and b. build technology infrastructure to drive innovation. Strengthen financing channels for next-generation Asian growth companies 2 The CFE report
- MAS
- Speeches
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- For example, in the new Payment Services Bill that MAS has consulted on, regulatory requirements for payment activities will be differentiated according to the risks that specific activities pose rather than apply a uniform set of regulations on all payment service providers.
- The EU has started on this journey by making payment and data interconnectivity between banks and non-banks mandatory, through the Payment Services Directive 2.
- MAS
- Speeches
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- It will streamline the regulatory treatment of payment services and remittance services that are currently regulated separately.
- MAS
- Media Releases
Last revised date:
- Singapore, 2 May 2019… The Bank of Canada and the Monetary Authority of Singapore (MAS) have conducted a successful experiment on cross-border and cross-currency payments using central bank digital currencies. This is the first such trial between two central banks, and has great potential to increase efficiencies and reduce risks for cross-border payments. 2 Cross-border payments today are often slow and costly. They rely on a correspondent banking network that is subject to counterparty risk,
- MAS
- Speeches
Last revised date:
- In Singapore, we built PayNow , an instant payment service. Residents can move money to one another’s bank account in real-time at zero cost, with just three clicks on their mobile phones, regardless of which bank app they use.
- MAS
- Media Releases
Last revised date:
- Financing, Payment and Service Connectivity 17.