Singapore's Payment Services Act 2019 (PSA) will become effective on 28 January 2020. Companies providing certain payment services before that date can qualify for a temporary exemption from the requirement to hold a PSA licence—and thus continue to provide those services without interruption while they apply for a licence—by filing a notice with the Monetary Authority of Singapore on or before 27 February 2020.
Dec 12 2019 - OrionW
On 20 November 2019, the Monetary Authority of Singapore published a consultation paper on its proposed approach under the Securities and Futures Act (SFA) for derivative contracts that uses payment tokens as underlying assets (Payment Token Derivatives). It also seeks the view of the public on the proposed amendments to the SFA that will reflect the intended regulatory scope of Payment Token Derivatives.
Nov 20 2019 - OrionW
Singapore FinTech Festival 2019, held from 11 to 15 November 2019, was attended by over 60,000 people from about 140 countries. During the festival, Singapore's regulatory authorities made several key announcements on projects and national strategies that are currently being undertaken to benefit and enhance Singapore's financial technology (FinTech) industry, including initiatives in FinTech investments, technology innovation collaboration, artificial intelligence projects and cybersecurity cooperation.
Recent decisions of the Personal Data Protection Commission emphasise the importance of security measures to protect personal data in any organisation's possession or control. The decisions stressed that regular and in-depth testing are important factors in minimising unauthorised exposure of personal data. Organisations are strongly encouraged to review and update security measures where required.