Financial regulation alterations are underway in order to ensure that electronic payments can be facilitated in Singapore making good on the city-state’s promise that this region is dedicated to becoming a fintech center, according to a release. The Monetary Authority of Singapore (MAS) intends to streamline existing its money exchange, remittance and payments systems law into one legislation which would govern both old and new payment businesses, according to Ravi Menon, the MAS Managing Director.
“Our vision is to make Singapore an electronic payments society, a society that spurs innovation in payments technology, that gives consumers maximum convenience and confidence in making payments. We will enhance the provisions for consumer protection and strengthen cyber security requirements,” Menon stated. “Fintech is changing the face of payments…It is not efficient for companies to be regulated under two pieces of legislation which were not written with the fintech solutions of today in mind.”
In the future, payments providers would only need one license in order to make multiple payments; Menon noted the importance of these updates as Singapore’s current laws were tailored to traditional systems, not cutting edge financial technology.
Earlier this month the Monetary Authority of Singapore (MAS) International Technology Advisory Panel (ITAP) convened to advise MAS on global Fintech developments and discussed emerging trends in FinTech; explored the wider applications of decentralised systems such as blockchains and new business models in areas such as retail and corporate banking, wholesale markets and insurance; and highlighted the importance of a regulatory regime that facilitates innovation and adoption of new technologies while maintaining trust and confidence. The list of participants included a highly esteemed roster of Fintech leaders, including:
Dr. Andreas Braun – Head of Global Data and Analytics at Allianz
Murli Buluswar – Chief Science Officer of AIG
Sassan Danesh – CEO of Etrading Software
Pieter Franken – CTO of Monex Securities
Daniel Gallancy – CEO of SolidX
Tim Grant – MD of R3
David Gurle – CEO of Symphony
Matthias Kroner – CEO of Fidor Bank
David Ku – CEO of WeBank
Blythe Masters – CEO of Digital Asset Holding
Vikram Pandit – CEO of Oragen Group (and former CEO of Citibank)
Kurt Vom Scheidt – Global Head of FX at Saxo Bank
Michael Stumm – Co-founder of Oanda
Sabine Vanderlinden – MD of StartupBootcamp, Insurtech
Robert Wardrop – Executive Director of the Cambridge Centre for Alternative Finance
