Are you ready to be licensed? MAS issues payment service provider licence application forms

As 2019 draws to a close, the Monetary Authority of Singapore (MAS) has been busy putting the finishing touches on its new regulatory framework for payment services. The Payment Services Act 2019 (PS Act) will commence on 28 January 2020, changing the payment services landscape in Singapore. In particular, payment service providers will only need one licence to conduct specified payment services, and MAS’ regulatory ambit will be extended to also cover digital payment token (DPT) services (“dealing in DPT”, i.e. buying or selling DPT such as Bitcoin, and/or “facilitating the exchange of DPT”, i.e. establishing or operating a DPT exchange) and merchant acquisition services. Read more

Digital Banking Licences have arrived for non-bank players in Singapore

On 28 June 2019, the Monetary Authority of Singapore (MAS) announced that it will issue up to five new digital bank licences, which will effectively open digital banking business to non-bank players in Singapore. Announcing the measures at the 46th Annual Dinner of The Association of Banks in Singapore, Mr Tharman Shanmugaratnam, Senior Minister and … Read more