MAS to Revise Restrictions on E-money Payment Accounts by H2 2023

On 18 October 2022, the Monetary Authority of Singapore (“MAS“) published a Consultation Paper to seek feedback on proposed changes to the Payment Services Act 2019 (“PS Act“) to: (i) revise the limits on stock cap and flow cap (“Caps“) imposed on personal payment accounts containing e-money (“e-wallet“) issued by a Major Payment Institution (“MPI“) to a user; and (ii) introduce a new exemption for a MPI with regard to its arrangements which contemplate White-Label e-wallet Account issuance from the requirement under the PS Act to aggregate all the e-money in the e-wallets issued to the same user for purposes of applying the Caps to the user (“WLA exemption“). Refer to our October 2022 Legal Update titled “MAS Consults on Revised Restrictions on E-money Payment Accounts” (available here) for more information. On 7 July 2023, MAS shared its Response to Feedback received on the Consultation Paper (“Response“) and indicated that it expects to implement the proposals by the second half of 2023.

For more information, click here to read the full Legal Update.

CONTACTS

Head, Financial Institutions Group
+65 6232 0456
Singapore,
Head, Technology, Media & Telecommunications
+65 6232 0751
Brunei, Singapore,
Deputy Head, Financial Institutions Group
+65 6232 0482
Singapore,
Deputy Head, Technology, Media & Telecommunications
+65 6232 0786
Singapore,
Deputy Head, Technology, Media & Telecommunications
+65 6232 0738
Singapore,

Country

EXPERTISE

SECTORS

Share

Rajah & Tann Asia is a network of legal practices based in Asia.

Member firms are independently constituted and regulated in accordance with relevant local legal requirements. Services provided by a member firm are governed by the terms of engagement between the member firm and the client.

This website is solely intended to provide general information and does not provide any advice or create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on this website.

© 2024 Rajah & Tann Asia. All Rights Reserved. All trademarks are property of their respective owners.