MAS Invites Comments on the draft Payment Systems (Oversight) Bill

Singapore, 23 December 2004...The Monetary Authority of Singapore (MAS) today released a consultation paper on the draft Payment Systems (Oversight) Bill. 

2   The draft Payment Systems (Oversight) Bill will provide a uniform basis for MAS' oversight of payment systems and stored value facilities in Singapore. The draft Bill is targeted for first reading in Parliament in the first half of 2005.

3   The draft Bill incorporates the policy proposals set out in the consultation paper in April 2003 and takes into account the feedback received during that consultation. MAS invites comments on the draft Payment Systems (Oversight) Bill. The consultation paper and the draft Bill can be found at http://www.mas.gov.sg/publications/consult_papers/Reports_and_Consultation_Papers.html.

4   MAS requests that comments be submitted by 28 January 2005. Interested parties may email their comments to paymentsystems@mas.gov.sg.

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The "16 April 2003 Payment Systems Oversight Act" consultation paper and MAS' responses to the feedback received can be found at

http://www.mas.gov.sg/publications/consult_papers/ConsultationPapers_Archive.html.