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Payments General

MAS announces regulatory programme for the payments industry

Tuesday 10 September 2019 | 10:15 AM CET

The Monetary Authority of Singapore (MAS) has revealed a new regulatory evaluation programme developed to connect payment companies with legal service providers.

The programme is part of a joint initiative by the MAS and the Singapore Academy of Law (SAL) and will allow fintech companies to consult with legal experts specialised in regulations and compliance procedures associated with the payments industry.

According to the two partners, the programme aims to assure payment service providers that the assessment performed by legal firms meets industry standards. Payment technology companies interested in joining the programme have to contact law firms participating in the initiative; payment companies will receive an updated list of law firms that offer legal services.

Initially, seven local and international legal service providers are expected to participate in a two-month pilot program. After the completion of the testing phase, the programme will be formally introduced starting with November 2019.

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