The Monetary Authority of Singapore has promised to introduce a new Payment Services Bill later this year in an effort to improve the regulatory regime for payments and strengthen existing safeguards against risks.

Mr Ong Ye Kung, a board member of the MAS, recently told an event hosted by the Association of Banks in Singapore: "The Bill will identify all activities along the e-payment value chain, such as e-money issuance, domestic funds transfer and merchant acquisition by payment platforms, and will regulate them under a single framework. Many of these activities are currently either not regulated or lightly regulated.  

"The Bill will strengthen the standards of consumer protection, anti-money laundering controls, and cyber security related to payment activities. The requirements will be calibrated to be proportionate to the risks posed by each activity, hence encouraging new ideas to flourish and engendering confidence in using e-payments."