Seminar on Payment Services Act

Digital wallets, e-money, cryptocurrency, payment gateways, stable coins and the list of new payment services available on the market goes on. Disruptive trends such as Fintech innovation and the proliferation of innovative payment solutions in the payments landscape have led to increased risks in areas like money-laundering and terrorism financing, consumer and merchant protection, interoperability and technology.

To calibrate the regulation of payment services providers based on the risk posed to the financial system, a new regulatory framework under the Payment Services Act 2019 (PSA) was passed in Parliament in January 2019 and is expected to commence in January 2020. The new legislation will streamline the regulation of payment services under a single activity-based legislation, while expanding the scope of regulated activities to include both traditional and innovative payment solutions

The session will provide an overview of the new categories of payment services which will fall within the scope of the PSA and consider the regulatory implication on payment solutions such as licensing requirements, exclusions/exemptions, transitional arrangements, business conduct requirements and risk mitigation measures.