Singapore’s Payment Services Act – the legal challenges for fintech companies
RHTLaw Taylor Wessing LLP
The Payment Services Act was enacted by the Singapore Parliament in January 2019. As technology has transformed the payment services landscape and fintech has opened up opportunities for more convenient, faster and cheaper payments, there was uncertainty in the regulatory scope of the previous legislation. The new act seeks to provide regulatory certainty and consumer safeguards, and a more conducive environment for innovation in payment services.
The new act streamlines the regulation of payment services within a single activity-based piece of legislation, and will expand the Monetary Authority of Singapore’s regulatory scope to include more types of payment service, such as digital payment token services, e-money issuance services and merchant acquisition.
What are the legal implications and how can fintech companies thrive and navigate through this new regulatory environment?
This webinar will:
- Provide an overview of the Payment Services Act
- Discuss the practical implications for businesses, including:
- cryptocurrency and blockchain services
- digital exchanges
- e-commerce businesses
- e-money issuance services
- virtual assets service providers and digital payment token service providers
Partner, Deputy Head (Fintech), Financial Services and Co-head, Capital Markets
Ch’ng Li-Ling is the co-head of RHTLaw Taylor Wessing’s capital markets practice and the deputy head (fintech) of the firm’s financial services practice.
She leads a team that has experience in working with over 200 fintech companies in various aspects and is recognised in the industry as the leader in fintech legal matters.
She actively advises fintech firms and investors on acquisitions and capital raising, licensing and regulatory requirements, cryptocurrency issuances, token offerings, establishment of digital asset exchanges and e-payments platforms.