Given the increase in the number of payment firms being regulated, how does MAS regulate these firms for compliance with its regulations and requirements?
MAS has put in place a robust licensing process to ensure that only firms that are fit and proper and who are able to put in place the proper safeguards and controls are allowed to operate in Singapore.
Refer to MAS' Guidelines on Fit and Proper Criteria for more information.
For licensed entities, the existing tools that MAS uses to regulate other financial institutions, such as on-site inspections and off-site reviews, continue to be used. As in other sectors, a risk-based supervision approach is applied to allocate our resources according to the risks presented.
MAS will be increasing the amount of resources dedicated to supervising this sector as a whole, and will leverage supervisory technology solutions where relevant to enhance its surveillance capabilities.
This information is sourced from MAS
Related questions
What are the payment services regulated under the Payment Services Act (PS Act) that require a licence?
Can foreign companies apply for a licence and are the requirements the same as those for local companies?
How will the public know which payment firms are licensees under the Payment Services Act (PS Act)?
What is the application process and conduct requirements for capital markets services licensees other than fund managers and REIT managers (e.g. broker-dealers, corporate finance advisors, securities financiers, custodians and credit rating agencies) in Singapore?
