Response to "Government bodies also have a fair dealing role" - The Business Times, 12 September 2019 by MAS and SAL
We thank Mr Dharmendra Yadav for his feedback, (“Government bodies also have a fair-dealing role”, 12 September 2019).
On 6 September, the Monetary Authority of Singapore (MAS) and the Singapore Academy of Law (SAL) launched the pilot initiative of the Payments Regulatory Evaluation Programme (PREP). To create the documents necessary to launch the pilot and fine-tune the documents during this time, MAS worked with a smaller group of law firms which are familiar with the payments industry. This group of firms were selected from respondents to MAS’ consultations on payments regulations or firms that engaged in payments infrastructure projects. The group represents a cross section of the legal industry comprising international law firms, large local law firms, and smaller boutique law firms. The PREP information sheet published on SAL’s website stated that MAS and SAL do not in any way endorse the firms listed in the schedule. Indeed, the programme is open to all law firms to join.
MAS and SAL are heartened to have received strong interest from the legal industry to join the programme during the pilot. Following this, we have already invited all interested law firms to join the pilot on 10 September. There are currently at least 49 law firms on the list of legal advisors. These are Singapore Law Practices which are allowed to provide Singapore law-related services under Singapore’s Legal Profession Act.
We hope that this initiative will help payment firms access legal services to support them in their business easily and quickly.
Jerome Lee (Mr)
Director (Corporate Communications)
Monetary Authority of Singapore
Foo Kim Leng (Ms)
Deputy Director (Corporate Communications)Singapore Academy of Law
In response to two forum letters raising concerns regarding banks charging a fee to process cheques, MAS explained that cheque clearing is an increasingly inefficient use of industry capital and resources. Charging for cheque usage more accurately reflects processing costs. Cheque users have the option of transitioning to cheaper and more efficient means of fund transfers.
MAS announced the features of a new regulatory framework that seeks to ensure a high degree of value stability for stablecoins regulated in Singapore. The regulatory framework takes into account feedback received, following an October 2022 public consultation.
At the Indonesia Digital Economy and Finance Festival, Mr Leong Sing Chiong, Deputy Managing Director (Markets and Development), MAS, spoke on the panel titled "Promoting Digital Payment Inclusivity in the Region through Cross-border Interoperability Initiatives".