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Consultation on proposed guidelines to protect users on e-payments

Description

Dear SFA Members

We invite you to a roundtable to discuss and obtain feedback from you on the MAS’ latest consultation paper on proposed guidelines to protect users of e-payments.

Date: 2 March 2018

Time : 9.30 to 11.00 a.m. (registration starts 9.15 a.m.)

Venue: 80 Robinson Road #08-01 80RR Fintech Hub Sg Singapore 068898

We set out below more information on the consultation paper.

Following the feedback session, the SFA will coordinate your input and prepare a submission responding to the consultation paper. This is an opportunity for you to provide feedback in an anonymous fashion, as the SFA will not quote any individual member.

We encourage you to participate in this session.

If you cannot make it, but would like to provide feedback on the consultation paper, please send your comments to hello@singaporefintech.org.

Regards

Singapore Fintech Association

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Singapore – MAS proposes guidelines to protect users of e-payments

13 February 2018

The Monetary Authority of Singapore (“MAS”) has issued a consultation paper on proposed guidelines to protect users of electronic payments (“e-payments”). The consultation forms part of the MAS’ broader payment services regulatory review, which has also comprised two previous consultations (in August 2016 and November 2017) on the modernisation and streamlining of the existing regulatory frameworks.

The proposed guidelines will cover the following areas:

· liability caps to clarify the amounts that the account user and the financial institution is liable for in any unauthorised e-payment transaction;

· notification duties of account users and financial institutions for all e-payment transactions; and

· resolution processes for both unauthorised e-payment transactions and mistaken e-payment transactions.

The proposed guidelines will apply to the following persons:

· banks and non-bank credit card issuers under the Banking Act (Cap. 19 of Singapore);

· finance companies under the Finance Companies Act (Cap. 108 of Singapore);

· widely accepted stored value facility holders under the Payment Systems (Oversight) Act (Cap. 222A of Singapore); and

· payment services licensees that issue payment accounts under the new Payment Services Bill (when the latter commences).

· payment services licensees that issue payment accounts under the new Payment Services Bill (when the latter commences).

The consultation closes on 16 March 2018.

Fri Mar 2, 2018
9:30 AM - 11:00 AM SGT
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Venue
80 Robinson Road #08-01 Singapore 068898
Tickets
SFA members only FULL
Venue Address
80 Robinson Road #08-01 Singapore 068898 Singapore
Organizer
Singapore FinTech Association
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