Electronic payment regulations in fintech drive
Singapore will make regulatory changes to facilitate the use of electronic payments, as the city-state aims to become a major centre for financial technology (fintech). The 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. MAS will streamline existing money changing, remittance and payment systems law into a single piece of legislation to govern both traditional and innovative payment businesses. to enhance the provisions for consumer protection and strengthen cyber security requirements.