On Nov. 21, the Monetary Authority of Singapore issued a second consultation paper on the Singapore payments regulatory framework, setting out a new Payment Services Bill (the Bill). The Bill is intended to overhaul the existing payments framework in Singapore and streamline payment services under a single legislation by combining the Payment Systems (Oversight) Act (Chapter 222A of Singapore) and the Money-Changing and Remittance Businesses Act (Chapter 187 of Singapore). This Sidley Update summarizes the key proposals of the Bill.
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