The Monetary Authority of Singapore (MAS) has laid out plans to develop a working regulatory framework targeting electronic payments, and to update older laws on money changing and payment systems into a single piece of legislation.
The MAS commissioned KPMG to collaborate on a “payments roadmap” that focuses on understanding how consumers and businesses make payments.
An MAS report said the recommendations also included establishing a new governance model for payments through a national payments council system that leverages fintech and fosters innovation and competition. The adoption of electronic payments would also be enhanced.
The report noted that “similar to experiences in benchmark jurisdictions, the existing [regulatory] model has been challenged by rapid changes and innovations enabled by technology. These include consumer adoption of less secure instruments, movement of users to digital and online platforms to make and receive payments, innovations in clearing and settlement services with the potential to disrupt the long-standing model, and more sophisticated cyber criminals.”
A copy of the Singapore Payments Roadmap is available on the MAS website.