This blog entry focuses on Phase 2 of amendments to Singapore payments legislation. It expanded of the scope to domestic money transfer (DMT) service, cross-border money transfer (CBMT) service and digital payment token (DPT) service. Persons who started providing the expanded scope of services from 4 April 2024, must immediately cease providing such services, unless they can rely on an applicable exemption or exclusion. Persons who had started providing the expanded scope of services before 4 April 2024 will be able to benefit from temporary transitional arrangements under Phase 2 and continue providing such services if they take the certain actions (including submission of a notification to MAS before 4 May 2024). For a fuller discussion, click here.
Phase 2 of Amendments to Singapore Payments Legislation Comes into Force Expanding Licensable Activities
Financial Services Regulatory Practice Group in Singapore. Stephanie is ranked Band 1 for FinTech in Singapore by Chambers FinTech 2020. She is also ranked as a Leading Individual for Financial Services Regulatory: Local Firms in Singapore by Legal 500 Asia Pacific 2020. She is recognised as a leading lawyer for Banking & Finance: Regulatory in Singapore by Chambers Asia Pacific and Chambers Global 2020. Stephanie was quoted in Chambers Asia Pacific for her "timely, practical and business-oriented" advice, with a "deep understanding of the regulatory regime." She is also recognised as "very business-savvy and brilliant every time," and is admired for her "very strong grasp of the legal issues from both a technical and practical perspective."
Eunice is a principal in the Financial Services Regulatory practice group of Baker McKenzie's Singapore office. She specialises in regulatory, legal and compliance matters in the financial services and fintech sectors. Eunice is recognised in Legal 500 Asia Pacific as the Next Generation Partner for Financial Services Regulatory, where she was "singled out for being smart and having the ability to navigate the Singapore regulatory landscape" and "is responsive, pleasant and willing to explore different parameters." Eunice is a frequent speaker at legal and financial industry seminars and forums. She also regularly assists clients in coordinating industry responses and participate in consultation with the Monetary Authority of Singapore on policy and legislative changes.
Ying Yi is a local principal in the Financial Services Practice Group of Baker McKenzie Wong & Leow in Singapore. She focuses on regulatory and compliance issues in the financial services sector.
Darren Yang is a Senior Associate in Financial Services and Investment Products in the Singapore office.