Singapore: Opened consultation on MAS amendments to Payment Services Regulations 2019 and other notices

On 8 May 2023, the Monetary Authority of Singapore (MAS) opened a public consultation until 8 June 2023 on amendments to the Singapore Payment Services Act 2019, the Payment Services Regulations 2019, and the Financial Support for Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT)'s notices PSN01, PSN02, PSN04, PSN07, and PSN08. The consultation concerns regulatory requirements for any digital payment services. The proposed amendments outline licensing requirements for new scoped-in payment services and the relevant exempted payment service providers. The consultation asks whether the exemption requirements are appropriate for foreign persons and major payment institutions.