Singapore payment services: specimen template forms published

Out-Law News | 06 Jan 2020 | 11:55 am | 1 min. read

An online form that payment service providers (PSPs) must submit if seeking a temporary exemption from imminent new licensing obligations in Singapore has been published by the city state's central bank.

The notification form is one of a number of new documents published by the Monetary Authority of Singapore (MAS). The notification requirement requires PSPs to notify MAS of the date on which they commenced providing payment services. MAS said notifications will only be accepted via the actual online form after the Payment Services Act (PSA) in Singapore begins to apply on 28 January 2020

Template forms have also been published by MAS to enable PSPs to obtain a licence under the new framework, as well as to vary or change their licence under the new Act. A further template concerns the form PSPs must complete and submit to MAS when seeking the regulator's approval for the appointment of a new chief executive, director or partner. Those executives must pass a 'fit and proper person' test to take up their new positions.

Payments law expert Bryan Tan of Pinsent Masons MPillay, the Singapore joint law venture between MPillay and Pinsent Masons, the law firm behind Out-Law, said: "The new documents are long awaited and companies must now be prepared with the information they need to file the notifications come 28 January, within the 30 day notification period. The process does not end there though, as PSPs need to comply with the substance of the new PSA and this should not be underestimated. We estimate hundreds of PSPs will be filing these notifications."

Alongside the new online notification form and templates, MAS has also published guidelines on licensing for PSPs under the new Act. A further consultation on plans to update the anti-money laundering requirements digital payment token service providers must meet under the legislation has also been opened until 28 January by the regulator.