AIC Submits Response to Singapore’s Proposed Payment Services Regulations

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The Asia Internet Coalition (AIC) submitted response to the Monetary Authority of Singapore (“MAS”) on Consultation Paper on the Proposed Payment Services Regulations (“PS Regulations”). AIC commends the Government for conducting a multi-stakeholder consultation process in the development of this important regulation, particularly to promote the financial services industryand improve regulatory clarity on licensees under the Payment Services Act 2019 (“PS Act”). Such efforts and dialogue are critical, and as responsible stakeholders in the development of this regulation, we appreciate the ability to participate in this discussion and the opportunity to provide inputs into the policy-making process for the enablement of Singapore’s payments ecosystem.