Consultation Paper on the Proposed Epayments User Protection Guidelines
In 2016, MAS embarked on a review of the regulatory framework governing payment services in Singapore with a view to modernising and streamlining the existing frameworks to encourage the wider adoption of e-payments in Singapore. As part of the review, one key recommendation to encourage the use of e-payments was to enhance consumer or account user protection. On 13 February 2018, MAS proposed measures to protect funds belonging to account users and merchants in the Payment Services Bill. This is MAS’ responses to the feedback received on issues pertaining to unauthorised or mistaken payment transactions to users, and MAS' expectations of any responsible financial institution that issues or operates a protected account.