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: (i) 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 (ii) introduce a new exemption for a MPI with regard to its arrangements which contemplate White-Label e-wallet Account issuance from the requirement under the PS Act to aggregate all the e-money in the e-wallets issued to the same user for purposes of applying the Caps to the user (“WLA exemption“). Refer to our October 2022 Legal Update titled “MAS Consults on Revised Restrictions on E-money Payment Accounts” (available here) for more information. On 7 July 2023, MAS shared its Response to Feedback received on the Consultation Paper (“Response“) and indicated that it expects to implement the proposals by the second half of 2023.
For more information, click here to read the full Legal Update.
