Central Banking

Singapore to step up consumer protection on e-payments

Singapore is stepping up its e-payment consumer protection

With e-payments increasingly widespread in the country, Singapore is stepping up its efforts on customer protection.

The Monetary Authority of Singapore launched a public consultation on February 13, setting out the responsibilities of both financial institutions and e-payment users.

The MAS says the guidelines seek to “standardise the protection offered to individuals or micro-enterprises” from losses related to unauthorised or mistaken payment transactions.

Financial institutions are asked

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