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

On 8 June 2023, the Monetary Authority of Singapore (MAS) closed its public consultation 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 concerned 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 asked whether the exemption requirements are appropriate for foreign persons and major payment institutions.