MAS to gain powers over wider set of payment services
Central bank will also enforce new limits for coin payments
The Monetary Authority of Singapore was given more regulatory powers over the payments system in Singapore by a law passed by parliament on January 14.
The Payment Services Act provides a “forward-looking and flexible” framework to support regulatory certainty and consumer safeguarding, while encouraging growth of payment services and fintech, Ong Ye Kung, the minister for education, said in a speech.
The law expands the MAS’s regulatory scope to include more payment services, such a digital
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