On 18 October 2022, the Monetary Authority of Singapore (“MAS“) published a consultation paper to seek feedback on proposed changes to the Payment Services Act 2019 (“PS Act“) to:
- Revise the limits on stock cap and flow cap (“Caps“) imposed on personal payment accounts containing e-money (“e-wallet“) issued by a Major Payment Institution (“MPI“) to a user; and
- Introduce a new exemption for a MPI with regard to its arrangements which contemplate “white-label” e-wallet account issuance from the requirement to aggregate all the e-money in the e-wallets issued to the same user for purposes of applying the Caps to the user.
The consultation is targeted at all licensees and regulated entities under the PS Act, financial institutions and other interested parties (including members of the public and payment service users). Feedback must be submitted to MAS by 25 November 2022.
This Update highlights the key proposals in the consultation paper.
For more information, click here to read the full Legal Update.
