The Monetary Authority of Singapore (MAS) has announced significant amendments to the Payment Services Act (PS Act) and its subsidiary legislation, marking a notable expansion in the regulation of payment services and the introduction of stringent user protection measures for digital payment token (DPT) service providers.
These amendments, set to be implemented in phases starting from 4 April 2024, aim to enhance the regulatory framework in response to evolving digital payment landscapes. The amendments encompass several key areas. These amendments reflect MAS’s commitment to ensuring the integrity, security, and stability of Singapore’s payment ecosystem amidst the increasing adoption of digital payment technologies.
