The Monetary Authority of Singapore (MAS) is seeking to strengthen its role as supervisor of the most important payment systems in the country with new legislation introduced into parliament today (November 12).
Singapore's Payment Systems (Oversight) Act (PSOA), originally enacted in 2006, outlines the responsibilities of operators or settlement institutions of ‘designated payment systems' – those viewed to be important to financial stability or public confidence – to the MAS.
The Bill seeks to
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