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seminar on payment services act

Pang Wei Wen

SEP. 27, 2019

Seminar provided an overview of the new categories of payment services, falling within the scope of the PSA &consider the regulatory implication on payment solutions such as licensing requirements, exclusions, transitional arrangements, business conduct requirements & risk mitigation measures.

Ended off the week with an insightful seminar on Payment Services Act with 220 attendees, organised by The Law Society of Singapore at 80RR Fintech Hub SG. The list of new payment services on the market is growing (Digital wallets, payment gateways etc) & disruptive trends such as Fintech innovation & innovative payment solutions have led to increased risk in areas like money-laundering & terrorism financing, consumer & merchant protection, interoperability & technology. The Payment Services Act 2019 will streamline the regulation of payment services under a single activity-based legislation, also expanding the scope of regulated activities to include both traditional & innovative payment solutions. This session provided an overview of the new categories of payment services with valuable insights from industry experts. Elaine Chan Partner, Joint Head - WongPartnership LLP Stefanie Yuen Thio Joint Managing Partner & Head of Corporate - TSMP Law Corporation Nor Azman Hamid General Counsel & Director - Upbit APAC Ho Andrew Senior Director, Associate General Counsel - PayPal Samson Leo Co-founder & Chief Legal Officer - Xfers Angelyn Cheng, Senior Legal Counsel - Monetary Authority of Singapore (MAS) Jo Yeo Deputy Director - Monetary Authority of Singapore (MAS)