Showing 4089 Documents for "payment services"
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- MAS
- Media Releases
Last revised date:
- FOMO Pay -------- integration to allow easier, cheaper and faster payments and remittances for purchase of goods and services, salary payments and trade between the two corridors.
- It interconnects diverse payment systems and offers three key payment solutions P2P remittance processing, corporate mass payouts, and digital payment services to mobile wallet operators, corporates, merchants, money transfer operators, and banks.
- MAS
- Guidelines
Last revised date:
- [Amended on 5 September 2020] relevant exempt payment service provider means any exempt payment service provider under section 13(1)(a) to (d) of the Payment Services Act 2019 that provides account issuance services where each payment account issued stores e-money; [Amended on 5 September 2020
- ] relevant payment service provider means any major payment institution as defined in section 2(1) of the Payment Services Act 2019 that has in force a licence that entitles it to carry on a business of providing account issuance services or any relevant exempt payment service provider;
- Services Act 2019; e-money has the same meaning given by section 2(1) of the Payment Services Act 2019; [Amended on 28 January 2020] [Amended on 28 January 2020] [Amended on 28 January 2020] [Deleted on 28 January 2020] [Amended on 28 January 2020] finance company has the
- MAS
- Speeches
Last revised date:
- Let me run through these three questions , and share how MAS is addressing these through the proposed Payment Services Bill (PSB) – striking a balance between innovation and sound regulation – as well as industry collaboration.
- The proposed PSB also follows an activity based framework which calibrates regulation according to the risks that the specific payment activity poses, rather than applying a fixed set of regulations to all payment service providers.
- And just as more people travel and work overseas, and more businesses find ways to deliver goods and services overseas, payments will also need to keep up. 20. Among Singapore’s list of priorities as ASEAN Chair this year is to promote the growth of e-commerce in the region.
- MAS
- Consultations
Last revised date:
- Services Bill, 20 November 2017. 5 Consultation on the Payment Services Act: Proposed Amendments to the Act.
- MAS is of the view that regulating Payment Token Derivatives offered by non-AE entities (including digital payment token service providers under the Payment Services Act2 (PS Act)) will confer misplaced confidence in such highly volatile products that could lead to a wider offering
- PS Act licensees therefore should not offer Payment Token Derivatives under its suite of activities as the risks associated with Payment Token Derivatives are not intended to be addressed by the PS Act.
- MAS
- Forms and Templates
Last revised date:
- A licensee who wishes to vary its licence to remove payment services under section 7 of the Payment Services Act 2019 (PS Act) must submit an application in Form 2 instead. 4. This form must be submitted at least 7 business days prior to the cessation of business. 5.
- For more information, visit go.gov.sg/corporate-login Resources Form 8 - Notice of Cessation of Business of a Payment Service Provider (Declaration in fillable format) (153.6 KB) PAYMENT SERVICES ACT 2019 (ACT 2 OF 2019) FORM 8 NOTICE OF CESSATION OF BUSINESS OF A LICENSED PAYMENT SERVICE
- 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 PS Act or the Payment Services Regulations 2019 (PSR). 6.
- MAS
- Media Releases
Last revised date:
New initiative helps payment firms easily access specialised legal services to meet compliance needs- With the upcoming commencement of the Payment Services Act, it is important that the payment services industry is well supported in all aspects.
- Through PREP, they can help payment services providers evaluate their compliance with the requirements of the new Act.
- Paul Neo, Chief Operating Officer, SAL, said, “The evolution of payment services regulations is an important aspect of Singapore’s development as a FinTech hub.
- MAS
- Monographs/Information Papers
Last revised date:
- R3s CBDC Accelerator facilitates the ecosystem to explore innovative use cases such as real-time direct government- to-citizen payments for citizens services such as tax refunds, healthcare support, childcare funding and stimulus payments.
- Extending access beyond banks while the project focused on commercial banks as participants of the network, it would also be possible for non-bank financial institutions (NBFIs) such as payment services providers and exchanges to transact directly on the platform.
- Accelerator design is token-based, two-tier, hybrid CBDC, where CBDC tokens can be restricted to be issued by a central bank, as its liability, and distributed and transacted with a vast set of intermediaries like commercial banks, payment- or wallet service-providers catering for wholesale, retail
- MAS
- Forms and Templates
Last revised date:
- For more information, visit go.gov.sg/corporate-login PAYMENT SERVICES ACT 2019 (ACT 2 OF 2019) FORM 4 AUDITORS REPORT FOR A LICENSED PAYMENT SERVICE PROVIDER UNDER SECTION 37 OF THE PAYMENT SERVICES ACT 2019 READ WITH REGULATION 20 OF THE PAYMENT SERVICES REGULATIONS 2019 Explanatory
- Form for appointed auditors of licensed payment service providers to express their audit opinions and to submit a copy of the financial statements under the Payment Services Act 2019.
- PS Act; ii. Payment Services Regulations 2019; iii. MAS Notices PS-N01, PS-N01A and/or PS-N02 (where applicable) to Holders of Payment Services Licence on Prevention of Money Laundering and Countering the Financing of Terrorism; iv. Any other applicable Notices issued by MAS; and v.
- MAS
- Parliamentary Replies
Last revised date:
- In January this year, the Payment Services Act (the “Act”) was passed in Parliament. It will strengthen MAS’ regulation of payment service providers, while facilitating innovation in this area.
- MAS has adopted this approach because DPT services are at a nascent stage of development and far from gaining mainstream adoption.
- Firms that provide any payment service as a business in Singapore, including issuance of e-money and sale of digital payment tokens, will be regulated under the Act when it comes into effect later this year. 2.
- MAS
- Consultations
Last revised date:
- These payments could be made using various technologies such as near field communication (NFC). 12.2.3 Mobile online services and payment are extensions of the online financial services and payments services which are offered by FIs and accessible from the internet via computers
- MAS Response 3.1.2 The offering of mobile payment services and NFC is a commercial decision to be made by an FI.
- b) Mobile Banking and Payment Security Mobile banking and payments are extensions of online financial services and payments on mobile devices.