Legal Update: Proposed Amendments to the Payment Services Act

Legal Update: Proposed Amendments to the Payment Services Act
31 Dec 2020

Proposed Amendments to the Payment Services Act

In this client update, we highlight the proposed amendments to the Payment Services Act (“PS Act”) further to the Payment Services (Amendment) Bill which was first read on 2 November 2020.

Briefly, the main amendments include:

  • Expansion of the definition of digital payment token (“DPT”) services;
  • Expansion of the definition of cross-border money transfer service; and
  • Granting power to MAS to impose further measures on DPT service providers.

Please click on the attachment for more details.

We wish all our clients and readers Happy Holidays and a Happy New Year ahead!

For further information contact:

Claudia Teo
Partner & Head, Corporate and Financial Services
claudiateo@harryelias.com
+65 6361 9845

Gabriel Lim
Associate
gabriellim@harryelias.com
+65 6361 9367

For more information, please contact our Business Development Manager, Ricky Soetikno, at rickysoetikno@harryelias.com.

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