The Monetary Authority of Singapore (MAS) has laid out plans to develop a working regulatory framework targeting electronic payments, and to update older laws on money changing and payment systems into a single piece of legislation.
The MAS commissioned KPMG to collaborate on a “payments roadmap” that focuses on understanding how consumers and businesses make payments.
The KPMG report recommends streamlining the current regulatory regime into a “singular” format that can be applied on an activity basis, rather than specific payment systems.
An MAS report said the recommendations also included establishing a new governance model for payments through a national payments council system that leverages fintech and fosters innovation and competition. The adoption of electronic payments would also be enhanced.
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