The regulatory overhaul will streamline Singapore’s existing laws regarding money changing, remittance and payment systems into a single piece of legislation, which will cover both traditional and innovative payment businesses. Payment companies will be required to obtain a single license from the MAS in order to operate in Singapore, with the aim of strengthening cybersecurity, anti-money laundering and consumer protection standards whilst also facilitating innovation and growth for fintech startups. ‘Our vision is to make Singapore an electronic payments society, a society that spurs innovation in payments technology, that gives consumers maximum convenience and confidence in making payments,’ said MAS managing director Ravi Menon of the overhaul.

Sources: Asian Legal Business; CalvinAyre.com