Payment Services Act 2019 Seminar has been saved
Payment Services Act 2019 Seminar
At the event, subject matter specialists from Deloitte and the payments industry, as well as distinguished speakers from the Monetary Authority of Singapore will share their insights on the impact of the Payment Services Act, specifically on digital payment and eWallet services.
What you need to know about the Payment Services Act 2019: Digital payment and eWallet services
The payments industry, already one of the most dynamic sectors in financial services, continues to transform, propelled by technological and operational innovations from established players and FinTech firms.
To keep up with the changing landscape, encourage innovation among players as well as guard against emerging risks, the Payment Services Act was passed in January 2019. The Act will streamline payment services under a single legislation and expand the scope of regulated payment services.
The newly enacted Payment Services Act provides a proportionate regulatory framework that differentiates between major payment institutions and smaller players. The Act now puts digital payment tokens and merchant acquisition under the ambit of the Monetary Authority of Singapore.
Among other things, the law will impose limits on how much eMoney can be held in personal mobile wallets and how much can be transferred to accounts other than the user’s designated bank accounts in a year.
At the event, Deloitte’s subject matter specialists and distinguished speakers from the Monetary Authority of Singapore will share their insights on the impact of the Payment Services Act, specifically on digital payment and eWallet services.
Download the event programme and presentation materials for more information.