The Payment Services Bill (PSB) has its second reading in Parliament and was passed on the 14 January 2018 as the Payment Services Act.

We have earlier issued our first alert describing the features of the version of the PSB released for public consultation, followed by updating notes describing the changes after the Monetary Authority of Singapore (MAS) issued its response to the consultation feedback.

This final version of the PSB, now the Payment Services Act, takes into account the changes proposed by MAS after considering consultation feedback.

Ong Ye Kung, on behalf of the Minister-In-Charge of MAS, indicated that MAS will soon be consulting the industry when drawing up regulations implementing the Payment Services Act and proposing exemptions.