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Singapore's Payment Services Act comes into force
Chris Hamblin
3 February 2020
To support the transition of payment service firms to the new Act, the MAS has embarked on a "payments regulatory evaluation programme" to help them connect with providers of legal services. The regulator believes that the activity-based and risk-focused regulatory structure allows it to enforce its rules proportionately and to 'be robust' in the face of changing business models. Growth and innovation are its aims. The old Money-changing and Remittance Businesses Act and the Payment Systems (Oversight) Act will be repealed, but have not been so far.