The Monetary Authority of Singapore (MAS) has on 21 November 2017 launched a second consultation on its proposed payments regulatory framework, known as the Payment Services Bill (the “Bill”).
The Bill proposes to:
1. Streamline payment services under a single legislation by combining the PS(O)A (Payment Systems (O) Act and the MCRBA (Money Changing and Remittance Business Act)
2. Enhance the scope of regulated activities to take into account developments in payment services; and
3. Calibrate regulations according to the risks the activities pose by adopting a modular regulatory regime.
As such, MCA(S) and RA(S) have jointly engaged Rajah & Tann to conduct an information session for all members. The main aim of this event is to provide better understanding to Money Changing and Remittance Licensees as this streamlining is a very significant change to the existing legislation for both the businesses.
Date: 18th December 2017 (Monday)
Time: 3.00pm (Registration starts at 2.00pm)
Venue: Royal Palm @ Clarke Quay 6 Eu Tong Sen Street Level 04
Cost: Free of charge (As space is limited, please restrict attendance to one person per company)
To register, please email your name and company details to firstname.lastname@example.org by the 14th of December 2018. Also, members may access the consultation paper at http://www.mas.gov.sg/News-and-Publications/Consultation-Paper/2017/Consultation-Paper-on-Proposed-Payment-Services-Bill.aspx.
Money Changers Association (Singapore) do hope members, this session would provide better business insights in the future era to the members.