The Monetary Authority of Singapore (MAS) conducted a public consultation on improvements to its oversight of outsourcing arrangements managed by banks and merchant banks. MAS proposed a new section of the Banking Act and announced its intention to issue new notices addressing "material outsourcing arrangements", which will include any outsourcing arrangement where customer information is disclosed.
Singapore's new Payment Services Act consolidates current regulatory frameworks for payments into a unified, expanded framework intended to align the payments ecosystem with the country's Smart Nation vision. The Act focuses on retail payment activities by service providers that deal directly with consumers or merchants. The Act implements an activity-based, risk-calibrated approach to regulation and a consolidated, enhanced licensing scheme.