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The new Payment Services Bill

Published on 10 December 2018. By Lex Lazatin, Associate

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The new Payment Services Bill (No 48/2019) (the “Bill”) was recently submitted for a first reading in the Singapore Parliament on 19 November 2018. The Bill will consolidate the various payments regulations and replace the existing legislation, which primarily comprises the Money-changing and Remittance Businesses Act (Cap 187, 2008 Rev Ed) (the “MCRBA”) and the Payment Systems (Oversight) Act (Cap 222A, 2007 Rev Ed) (the “PSOA”).

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